———

ISTERED AT THE GENERAL Post Orrics as 4 NEWSPAPER AND FoR TRANSMISSION ABROAD,

Che Eronomist, WEEKLY COMMERCIAL TIMES,

Bankers’ Gasette, and Railway Ponitor:

Rae

—

Vol. XLII.

CONTENTS

THE ECONOMIST.

| The Money Market............ 865 | Bullion Movements to and Lord Salisbury and the from London for the First

Franchise Bill .............+- 866 Po Ee” | i eee eee 873 4) Parliament and the Board of Insurance againstEmployers’ EE ie ge ideuwccvwdierncebn 866 IETS bok ta Fico siphabens 7

|The Turkish Debt ............ 867 | The Operationof the Married Women’s Property Act ... 874

The Wrecking of Public SIR vncanspacveian couse: 874

| How to Diminish the Loss of WR AND s5cissk <vdaneadion 868 |

| The Foreign Trade of Egypt 869 The End of the Double | Transvaal Debenture Bonds 875 Standard Agitation in Failures in the United States 875 BNI «5.5. cscsces seecviie's $70 | Wills and Bequests............ 875

American Railroads & Trade 871 | Forr1gN CORRESPONDENCE :— IndianLandRevenueReforms 872 Is ticdsinensitoupnncsvaces, Ee Bosiness NoTES :— | Gemrany and Austria...... 877 London Banking Profits...... 873 | Public Income and Expendi-

| Victorian Finance ............ Ea a eit cis ba cists 877

(THE BANKERS’

|Bank Returns and Money

GAZETTE AND COMMERCIAL TIMES

Jute, Hemp, and Flax Trades 884 EEE ‘sinssnsosvageenevaguenios 77 | Colonial and Foreign Pro-

Notices and Reports ......... 881 duce Market ...........000 884 SE ROMA <. scabies ccdabu cde 882 | Postscript ..............00-000+00. 886

|Iron and Coal Trades ...... 883 | Additional Notices ............ 886 PCottom Trade ..c.ccccacccaccece 883.1 Prion Carrent ......cccccccseces 887 PIWME RTOIAD 5,0 ccarencc, eokececes SPE FO COMME cisccccccsccvcseveces 893

THE RAILWAY MONITOR.

| Stock Markets Price Current SSS | Railway Traffic Returns ...... 886

ezig °

Che Economist.

TERMS OF SUBSCRIPTION.

PAYABLE IN ADVANCE.

Quarterly, 93 3d; Half-yearly, 188 6d; Yearly, 87s.

BY POST.

Quarterly, 108 ; Half-yearly, 203; Yearly, 408.

Colonies and abroad in accordance with postage rates.

Cheques and Post-office Orders to be made payable to the Proprietors of the Ecoxomisr, The Paris Agent for the Sale of the Econoutst is Mr Fotheringham 8 Rue Neuvedes Capucincs, where copies of the Paper can always be Obtained,

commenlticaicntnatt mi ietealihnpa eigeretnleianpiiabainnatonmmas

With the Economist of July 12th was published the Nineteenth of a series of Monthly Trade Supplements, which are intended to be devoted

exclusively to commercial affairs. Each Supplement contains a number of articles on our various industries, together with inform- ation on subjects of special interest to manufacturers and traders, Careful digests are also given of the reports on the trade of

Peon Surnished to the Foreign Office by our Consuls, which ri ee the commercial and Matistical reports

Special atten Pty tesued by several Foreign Governments. iieeeiteis - re likewise is devoted to statistics of production and ete aon, “ at home and abroad, the Monthly Board of

he columns 7 aa eng given in their practical entirety.

ioe € Supplement are open for the discussion, by busi- men, of general commercial questions. These M. oe Supplements are issued gratis to all subscribers to the NOMIST, SN

SATURDAY, JULY 19, 1

A POLITICAL, LITERARY, AND GENERAL NEWSPAPER.

884. No. 2,134

THE INVESTOR'S MONTHLY MANUAL.

June Number of the INvesToR’s MoNTHLY MANUAL published on 30th June, gives, in addition to the usual in- Sormation, the Highest and Lowest Prices of all Stocks and Shares for the Five Years, the Latest Quotations for 1884 (s0 as to indicate the Exact Movement during the Twelve Months), a Financial History of the Year, including a Tabulated Chronicle of the Year's Events, the Names of the Markets where each Security ts chicfly dealt in, besides Memoranda relating te the Financial Position of Foreign and Colonial Governments, to Railways, $c., Sc. 1n addition, there are furnished the Names of the Chairmen and Secretaries, or Managers, of the various Companies.

The

Price 1s 6d; by post, 1s 9d.

OFFICE—340 Strand.

THE MONEY MARKET.

THERE is practically no change in the condition of the market, which remains singularly lifeless and void of feature. What little movement has taken place, however, has been in the direction of higher rates, and it is natural that it should be so. There is no doubt at present a super- abundance of money in the market, but in the ordinary course of affairs thisshould now tend to be reduced by the in- ternal movements of currency,while gold is'slowly ebbing out of the Bank of England for export. Moreover," with our rates much below those current at continental centres, an induce- ment is held out to shift capital away from here to where it can be more profitably employed. Owing to the depression of trade which prevails abroad as well as here, there is, of course, less inducement to do this than usual. But it will be seen that our Paris correspondent directs atten- tion to the fact that the movement is already in progress, and it would certainly assume much larger dimensions if, in what for the moment seems to be the not improbable event of an outbreak of war with China, the French Government had to come forward as a large borrower. Our own Govern- ment, also, may soon have to raise the money needed to restore the financial equilibrium in Egypt, to say nothing of the possible borrowing incidental to a campaign against

the Mahdi. There is thus the certainty of some reduction, and the possibility of a considerable reduction, of the floating supplies of loanable capital. In these circumstances bankers

are rightly disinclined to lend at the extremely low rates

recently current, but while the trade demand for money

remains at its present low ebb, they cannot hope to be able to secure any material advance.

Ban« Rate and Market Rare. Lt) 5 tie, | ucnatanidinpthandatiegenandotiatiangianaionyiiuctait

A Fort- Three A Month Yesterday. | Last Week. | night Ago. |Weeks Ago. Ago.

% % % % % Bank rate...... 2 2 2 2 2

Market rate... 1} 1 1} 1g 13

Lonpon Market Rare Compared with Foreign Market Rats (+ above: — below.)

-ciniaamtaetateanteetAeatceeCCeee

| A Fort- Three A Month Yesterday. | Last Week. night Ago. | Weeks Ago. Ago.

he % * a With Paris _ ¢ —- 1 =— 1 = 3

» Berlin ...... - i - . - l - 4

. New York callmoney) — 3 —- } - i} — 3

5 sae in La a BS cb kor nabs See

Rates of EXCHANGE.

A Fort- Three A Month

night Ago. | Weeks Ago. Ago.

Per Mille. | Per Mille. | Per Mille. | Per Mille. Per oe

France ...,......0...:3 agst us Qagst us | 14 agstus | 1} = us | 1 =

: os! r ar par a

~~ geen jd ant us nae us par ji for us ; 4 for us

New York .........3pagstus | #agstus | 5 agst us | 5 agstus 1 aget us

— Al LS

LORD SALISBURY AND THE FRANCHISE BILL.

TueE rejection by the House of Lords of Lord Wemyss’

motion extinguishes the hopes which reasonable men on

both sides have allowed themselves during the last week

to entertain, that the threatened conflict between the two

Houses might be averted by a compromise. We have

Ff | now to face the certainty of a prolonged and violent agita-

|tion, in which the comparatively narrow issues at

present being discussed will soon be forgotten in favour of |

controversies of a much more sweeping and formidable |

character. Eager partisans may welcome the prospect, but

a grave responsibility rests upon those who have made it

| inevitable. To ascertain where the responsibility really lies | ;

is not a difficult task. The House of Commons has devoted i

| Yesterday. | Last Week. |

i |

the best part of a Session to the discussion and revision of a

Franchise Bill introduced by the Government. Both parties

| are, or profess to be, at one, both as to the soundness of its

principles, and as to the excellence of its construction ; for it is a noteworthy fact that, since the Bill entered the House of Lords, we have heard nothing as to the dangers of including Ireland, and the injustice of not enfranchising the borough freeholder, which were a few months ago the

, favourite topics of Conservative rhetoric. The House of Commons has further, more than once, declared that enfranchisement must precede redistribution, and has done so by majorities so large and decisive, as altogether to preclude the supposition that the vote of the House was at variance with the prevailing opinion of the existing constituencies, Moreover, as a matter of fact, no Redistribution Bill has been introduced, and it is too late now, without an altogether unprecedented and most in-

Ht E convenient prolongation of the Session, to pass such a

}

ie measure this year. It is under these circumstances that the House of Lords has determined that it will not give a second reading to the Franchise Bill unless, and until, a Redistri- bution Bill accompanies it. Lord Salisbury can hardly be serious when, after persuading his fellow-Peers to pass such a resolution, he contends that the Franchise Bill will be killed by the act of the Government in proroguing Parlia- ment, and not by the act of the House of Lords, which offered them, as the only alternative to prorogation, an utterly impracticable course. Whatever the formal aspects of the mode of procedure adopted may be, the substance of the matter is, that the Peers have rejected, and declare that they will continue to reject, enfranchisement without redis- tribution. And the question for that large section of their countrymen which has not blindly sworn allegiance to either party is, whether this is a reasonable attitude—whether, in other words, the dangers involved in the passing of a Franchise Bill alone are so great as to justify the Lords in overruling the emphatically expressed opinion of the Lower House, in bringing to nothing the whole labours of a Session, and in inviting a bitter and irritating Constitu- tional confiict.

The danger which Lord Salisbury represents as so formidable that it ought to be avoided at all hazards is this —that the Government will be in a position upon the passing of the Franchise Bill to compel the Lords to choose between any scheme of redistribution, however unfair, which can be got through the House of Commons, and a dissolv- tion upon the new registers, but with the present areas unchanged. As to the first branch of the alternative, it is net necessary to say much, though it is gratifying to find that no one now aflfeets to doubt that the Government will do everything in their power to introduce a Distribution Bill of some kind at the earliest possible date. Upon what evidence it is assumed, not only that the Cabinet are bent on.a dishonest manipulation of boundaries, but that a House of Commons in which the small boroughs are so strongly represented will sanction their designs, it is impossible to discover. But let it be granted for the sake of argument that'this is, from the point of view of practical politicians,

A

4

Bs

HE ECONOMIST.

|

(July 19, 1884, a probable contingency. Whatwould happen? The House of Lords would reject the inequitable Redistribution Bi] and in so doing would have the support of all those mode. rate politicians whom its present ill-advised proceedings have done so much to estrange. It is possible that the Government, under such circumstances, might be able to | postpone a dissolution until after the Ist January, 1886, when, for practical purposes, the Franchise Bill comes into operation. ‘The appeal to the country would, unquestion- ably, be to a most ill-distributed electorate. But, after all, when the matter comes to be quietly examined, it will be found that the new constituencies would be little, if at all, more capriciously arranged than the old. If the counties can fairly be regarded as the seat of the rural, and the boroughs as the seat of the urban, population, the propor- tionate representation of each of the two classes, in respect of members, would obviously remain unaffected, It will, of course, be said that the present county electorate consists for the most part of the genuinely rural classes, while the enfranchisement of the householders wil] flood the counties with large masses of urban voters residing in towns which are not separately represented. This may be the case in some of the northern districts, but in a large majority, in point of number, of the | counties of England and Wales, and in almost all those of Scotland and Ireland, the enlargement of the constituency will consist, not in the introduction of an urban element, but in a more comprehensive inclusion of all the classes who are engaged in rural pursuits. In other words, instead of the question at issue being submitted in these counties to the farmers alone, the agricultural labourers and the village tradesmen will, for the first time, have a voice in the answer.

Why, upon Lord Salisbury’s own showing, should this be regarded as such an intolerable calamity! The House of Lords, by accepting under the Conservative leaders’ advice, Lord Dunraven’s and Lord Cadogan’s amendments, has estopped itself from denying the fitness for the franchise of the lower strata in the agricultural community. Lord Salisbury himself professes to be so zealous for their speedy enfranchisement, that he is anxious to fasten on the Government the discredit of obstructing it by an unnecessary prorogation. He must, therefore, be taken to have persuaded himself that the new electors are both entitled and competent to exercise the suffrage. But, if that is his view, the anomalies incident to a dissolution on the existing register, which excludes two millions of qualified persons, and apportions representation among those whom it admits after a fashion which every critic admits to be haphazard and arbitrary in the extreme, ought to appear to him almost, if not quite, as startling as those which would present themselves in the possible event of an appeal to the enlarged electorate before a rational readjustment of boundaries had _ taken place. We need hardly say that we should regard a dissolution under the new franchise, but before redistri-

bution, as a grave and deplorable event, and that we feel con- fident that, if such a dissolution were to follow a rejection by | the Lords of a dishonest and partisan scheme, the country | would vindicate in the most unequivocal way the action of the Upper House. But even if the worst which Lord Salisbury fears were to come to pass, the absurdities and inequalities, in point of qualification and arrangement, of the new constituency would so slightly exceed those of the constituency which at present exists, as to afford no sub- | stantial justification for the course to which the Peers have unfortunately committed themselves.

PARLIAMENT AND THE BOARD OF TRADE.

Ir is a pity that in discussing the vote for the Board of

Trade, the Howse of Commons permitted what ought to

have been an inquiry into the constitution and working 0! the Department to degenerate into an attack upon certain officials. The one is a question of public interest, the other

largelya matter of personal pique, and it is hardly tot he credit

of Parliament that the former was subordinated to the latter.

To the impartial observer, moreover, there is something ridi-

culous in the whole performance. Why it should have been

imputed asa fault to Sir T. H. Farrer that he has employed

his leisure hours in writing some very excellent books, quite

July 19, 1884. ]

asses the ordinary comprehension. And ifa sin was com- mitted by Mr Giffen in writing to a newspaper, to correct what he regarded as a misrepresentation of _ evidence ubliely given by him before a Select Committee, the

offence, we must acknowledge, is one which our eye is not sufficiently microscopic to discover. In any case, it is not upon puerilities such as these that the House of Commons

| is expected to spend its time, especially when, as on Mon- Jay evening, the subject really before it is one demanding | very serious consideration.

undoubtedly gave expression to a very general feeling of | dissatisfaction with the Department as at present con- | stituted. The truth is, that the Board exists only in name.

| Theoretically, it is supposed to consist of the Lord Chan- cellor, the First Lord of the Treasury, the principal

| Secretaries of State, the Chancellor and Under-Treasurer of the Exchequer, the Speaker of the House of Commons, anda number of other persons in high official positions, including, if we mistake not, the Archbishop of Canter- bury. In reality, however, none of these ex-officio members of the Board have anything to do with the work of the Department, which is left to the control of the President, assisted by his Parliamentary Secretary and the permanent officials. The representative character which it was intended the Board should bear has thus been totally lost, and, as the experience of the past Session has shown, one result of this is that the Department has lost touch of the commercial interests it was intended to promote. Alike in its attempts at merchant shipping and railway legislation, the so-called Board has come to grief. Mr Chamberlain, it is trne, holds that its failure has been due to the opposition of vested interests. But this is a proposi- tion which, in view of facts, it is impossible to maintain. No doubt the representatives of the shipping trade have offered a very strenuous opposition to the Bill which Mr. Chamberlain introduced. But, as he himself has tacitly admitted by the successive and, in some cases, sweeping amendments he has sought to make upon his original measure, the opposition was to a very great extent justified by the crude and unsatisfactory nature of the legislation at first proposed. And as regards the Railway Bill, the most powerful opposition to that has come, not from those who are defending vested interests, but from the traders, whose desire is to be freed from the domination of such interests. The fact is, that neither of the Bills has shown a sufficient recognition of the requirements of trade, or of the methods by which, with due regard to the public interests, these can best be satistied. And the reason why they have failed to do so is not far to seek. It is that the permanent officials—who, so long as we have merely a phantom Board, direct the machine—able and experienced though they are, have not that practical acquaintance with business needs and business ways which is necessary to enable them to treat efficiently the enormously wide variety of commercial matters with which they are called upon to deal. An effort to supply

|this much-needed element of practical knowledge was recently made by Mr Chamberlain, when he convened

| private conferences of selected or self-appointed trading | Tepresentatives with whom to consult regarding the measures | he introduced. But the result of that mode of procedure

ss

| has certainly not been such as to justify recurrence to it | benefit considerably from the Régie,

THE ECONOMIST. LLL eee SSNS

which it was intended he should exercise only in concert with a body of responsible associates. But while the desir- ability of strengthening the Board, and bringing it into harmony with present requirements, is obvious, Parliament and the country should not forget that for the shortcomings of the existing system they are largely responsible. In the course of Monday’s debate, Mr Norwood gave what he | rightly ealled an incomplete list of the functions which the Board is called upon to discharge. “It has,” he said, “control over all the railways of the country, with their

In challenging the Board of Trade vote, Mr Maclver | immense mileage and enormous capital. Tramways, also, jare under the Board. Harbours, lights, foreshores, | electric lights, trade marks, and recently the enormous sub- | ject of bankruptey—all come within the duties of the | Board.” This list might have been greatly extended, and | of late years the tendency has been to heap more and more | work upon the Department. Year after year we have been | investing the officials with new powers, and imposing upon | them new duties. We have been calling on the State to | do work which previously had been left to private efforts _and private enterprise. | limits and strengthening the grasp of officialism, and if its

We have been extending the

pressure is beginning to be painful, we have in a great | degree ourselves to blame. Reform of the Board of Trade is necessary, but if it is to be thoroughly effectual, it should be accompanied by a reform of the growing practice of throwing upon Government, duties which ought to be left to private efforts and private resources,

THE TURKISH DEBT.

Tue report of the Council of Administration of the Otto’ man Public Debt for the financial year ended the 13th March last is distinctly cheerful in its tone—its cheerful- ness, however, being inspired rather by hope as to the future than by past achievements. Indeed, tested by its financial results, the past year was not so favourable as the previous twelve months, the receipts during the two periods having been as follows :—

Receipts in FrnancraL YEAR EnpinG 13th Marcu. Inc. or Dee.

£T £r in 1884. 5 ie nica atdabil 689,478 ...... I ak skc — 65,942

BN ick Dakine dahil 546,629 ...... aRI2O. ~...... + 7,209 139,894 ...... ISL,268 ...... -~ 11,374

BIUINIL, « ocsenetcsacsniasan SE 244... GU cccnce — 13,178 PRO ccccccisscccess SEAR icccei 19673 ...... + 12,038 I hbtitedti cea ee ag. MEBZE once Raeee.... + 2,173

Tobacco tithe............ GEZA. secs; 7 aa + 62,257 Revenue of Cyprus ... 130,000 ...... 130,000 ...... aod

Do Roumalia ......... FGEOe | svenve yf — 33,109 Miscellaneous............ 74,950 ...... i ae — 1256

PS: satiate 1,952,160 ...... 3,993,342 ..002- + 41,182

Thus last year’s receipts not only failed to come up to the original estimate of the yield of the ceded revenues, but also fell considerably below the amount reached in 1882-3. For last year’s decline, however, there were, we are told,

exceptional causes. Thus, for instance, the falling off in

the tobacco tax was mainly due to the completion of the

arrangements for establishing the new tobacco hége, the

| effect of these being temporarily to disturb and restrict the

tobacco trade. But while the revenues of last year have thus

| suffered, it is expected that those of future years will In the first place,

/4gain, and, meanwhile, the imperfect organisation of the ‘the minimum annual sum payable to the Administration | Board of Trade is calculated to affect other than trading interests,

Parliament to deal with the general business of the country, | bee ‘use after the experience of this Session it is very doubt- | Ful indeed whether the House will consent to renew the | &Xperiment of Grand Committees, from which Mr Gladstone

| at ford great relief to an overburdened Parliament.

| to be in the | Strong one, | Cham berlai | th

ly

a

a eal ii Ria a en ane oe ee ie ay Sane A

It has a tendency also to lessen the power of | the tobacco duty realised last year. Then it is expected

Eo The case in favour of a thorough reorganisation of the | will ‘be effected. | Poard of Trade, so as to make it in fact what it is assumed expected to result in a gain of (

ory, a really representative body, is thus a very | compared with last year. Passing next to the duties on

and the irritation which, rightly or wrongly, Mr spirits and stamps, which also show a falling off, the report

: in has managed to excite has, without increasing | explains that in both cases the decline was mainly due to

a eet omen strength to the demand for reform. It changes in the tax regulations, and that a both een eee ho mealies ny agg hiseonih will be | heads future years may be expected to show an imp

a3 a ne as pened the feeling | ment. Sunst leaving in the hands of a President alone, authority

under the Régie is £1750,000, or fully £160,000 more than

that the Régie will give the Council a more efficacious con-

trol over the tobacco tithe, and possibly increase the receipts

from this source to the £17100,000 originally estimated.

And, in the third place, the establishment of the /égie has

| €Xpected so much, and which, if efficiently worked, might | enabled the Council to institute a reform of the administra-

tive system, by which it is hoped a saving of £17120,000

f In all, therefore, the égie is about £7210,000 as

And lastly, with regard to the Roumelian tribute,

it isstated that the failure of this branch of .:.come to yield

the £1245,000, at which it is fixed, ‘is probably due to the

budgetary embarrassments which militate against the good

intentions of the Roumelian «dministr.tive authorities.

But the first difficulties encountered by the Provincial

Government when entering on its duties being now sur-

mounted, we have no doubt that it will redouble its efforts

to fulfil the engagement which it assumed under the Organic Statute.” Ades:

These, together with the expectation that it will not now be long before the Powers come to a decision as to the contributive parts of the Turkish debt to be borne by Bulgaria, Servia, Greece, and Montenegro, are the grounds upon which the Council base their favourable estimate of the future yield of the ceded revenues. But the real position of the bondholders is ndt to be determined merely by a consideration of the revenues that have been assigned tothem. ‘That must, in the end, depend upon the condition of the Turkish fininces taken as a whole, and although upon this point the report is silent, there can be little doubt that the situation is critical, It is notorious that the Government expenditure is far in excess of its income, even although the salaries of the public servants are left | unpaid. There is thus a constant accumulation of floating |debt, and that the Treasury is finding its difficulties | greater than it can surmount by ordinary expedients has been shown by the way in which it has_ treated the holders of its havallés, It is true that in the report of the Council the recent abolition of the havallé system is cited by Mr. Vincent Caillard as an evidence of an honest wish for reform “on the part of the enlightened statesman who is our Grand Vizier.” But in this view we confess ourselves unable to concur. The havallés—or drafts upon the provincial exchequers— constituted « species of Treasury bills, being, like the bills issued by our Government, promises to pay

¥ certain sums at certain future dates, which the 7 Treasury put upon the market, and sold for what | i they could fetch. That they were a _ vicious

financial expedient for anticipating future revenues we quite admit, and if the Turkish Government had simply come to the decision to issue no more of them, its action would have been worthy of Mr Caillard’s commendation. What it really did, however, was to announce that the havallés it had sold, and for which it had received cash, would not be paid when they became due. The Decree abolishing the Aavallés was thus an act of repudiation, and instead of being a comfort, it ought to be a caution to the bondholders. What guarantee is there that the engagement into which the Porte has entered with them will be respected, any more than the engagerients into which it entered’ with the havallé holders? An assignment of revenue by a foreign Government is operative only so long as the Government chooses to respect it ; and it would be contrary to all past experience to believe that if Turkey is again reduced to financial extremities she will refrain from placing her hand upon the revenues she has ceded to the bondholders. The greater the growth in the assigned revenues the greater will be the temptation to seize upon them; and anyone who meditates an investment on Turkish stocks, ought, as we have said, to have regard rather to the ability of Turkey to do permanently without the revenues she has ceded, than to estimates of the future growth of those revenues,

_ With regard to the conversion of the bonds, the report gives details which it may be useful to summarise, Exclu- sive of the Lottery Bonds, the total amount of the debt, as reduced by the Iradé of 1881, was 92,225,8002, and out of this total bonds to the value of 12,434,6007 had been registered on the 12th March last. At the same date the amount of the bonds that had been st umped for con- version was 67,802,000/. In all, therefore, there had been either registered or stamped bonds to the nominal amount of 80,236,600/, and there was left an undeclared capital in floating bonds of 11,989,200/. As there have been some very mistaken views prevalent as to the results of conversion, Mr Vincent Caillard thinks it necessary to reassure the bondholders by reminding them that what is to be effected “is merely an issue of new bonds bearing the

tem ee

en IMac anette remem oe

a

a ag i

wee

ba aA ai No it amounts corresponding in value of old bonds, which, bearing a value entirely different from that borne under the old

ee is

ae -

s gy 6 a

SO RD arrears ae

rs i

true value under the new guarantees, in exchange for |

[July 19, 1884,

guarantees, have no logical raison d’étre, and leave a con- fused mass of paper in the market, which cannot be to the advantage of Turkish credit. Not one single clause in the Decree regarding the interest, amortisation revenues assigned, relative advantages of the different groups, or any

of the rights of the bondholders is affected by it in the slightest degree.” The conversion, in other words, consists merely in a simplification of the debt, leaving all existing obligations with regard to it intact ;and it is so distinctly advantageous to the bondholders, that but for the opposition of interested financiers, it would, no doubt, have been effected long ago.

HOW TO DIMINISH THE LOSS OF LIFE AT SEA,

(ComMMUNICATED. )

Now that the ill-conceived Merchant Shipping Bill is got

rid of, it may be well to consider what gave rise to it ; and

whether this did not include some fair ground for further

The course taken by the Board of Trade was It disregarded an essential distinc-

legislation. wrong from the first.

tion. ships to sea the Government has, properly, nothing to do,

except in so far as it concerns the lives aboard. As to the property at risk, that concerns its owners ; and it concerns |

no one else. But, as regards the lives at risk, it is quitea

different matter. Within that limit Mr Chamberlain’s case

was good, And had he kept within it, Parliament would have passed any measure likely to effect his purpose,

Thus limited, then, what was his case? It is alleged that |

British vessels are sometimes lost at sea through the wilful

acts, or neglects, of the owners, We have, in the records |

of the Wreck Commissioners’ Court, evidence, fairly sufli- |

cient, that this is so; and that, consequently, the lives of | The extent of the evil is not in | seamen are thus sacrificed,

question. If it exists at all, and can, by any reasonable amendment of the law, be prevented, it should be so.

the property concerned. The offenders should be detected, and punished. Personal conviction in such cases would always be difficult, and often impossible. Nor is it required. The offence being mainly induced by greed of gain, the punishment may be made to tell effectively upon the gains. This Mr Chamberlain would have done. was clumsy, and went far beyond the scope of the offence ; and further, while lavish and indiscriminate in punishment, he did nothing for the injured parties. The offence always involving personal injury, its prevention would be best coupled with such eompensation as may be fit and feasible to those who have suffered by the offence. And in this there

would seem to be no real difficulty. The shipowners whose recklessness thus runs to crime

are few. They can be got at; and they have no defenders. All the rest of their class are against them, Convict them, and give them no mercy, and you will not raise a murmur. It is not only that they are a disgrace to the business they

are in.

they cannot deal are the very men who do these things; who seek their profits in ways too furtive and too fraudu- lent to be trodden by the rest. In moving against these evildoers, the shipowners, as a body, are, and always been, quite ready to go with the Government. are not ready, and never will be, to submit their al the needless official superintendence proposed in the

Bill. ) The shortest available way in these matters is always the

best, and it is generally the straightest ; and here a short and a straight way isopen. We have only to apply a * y simple remedy, which has been found effective in sumer

cases. Shipowners are not the only employers who, now

fairs to late

With the sending of rotten, defective, or overladen |

gut |

this should not involve needless meddling with the use of |

But his method

By the very conduct imputed to them, they are | making that business more difficult and less profitable to |

others. Shipowners who know their business, and are ht | to remain in it, do not seek profit with ships unfit for their | work; do not over-insure in the hope of robbing thelr |

underwriters ; do not neglect any reasonable means of pro- tecting the lives of their seamen. The gain they seek they | would earn, not steal, And the only competitors with whom |

have

But they |

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July 19, 1884.] and then, weakly and wickedly, put in peril the lives of those they employ, and why not deal with all alike? Detection of the wrong-doing, and its connection with the roperty concerned, we have already provided for. And

appropriate punishment is at hand, in recent laws.

Let it, then, be enacted that in all cases in which it shall be found that a seaman has sustained loss of life, or personal injury, as the result of any sea casualty traceable to the default of the shipowner, ample pecuniary compensation, within reasonable limits, shall, by the shipowner, be made to the sufferer, or to his representatives. And in default of a claimant, let the amount go to some fund applicable to the genera] benefit of seamen. If such claims were made a first charge upon the ship, and upon any insurance of it, the saddle would at once be put on the right horse. No doubt this liability would be met by special insurance, involving an additional burden on shipping. But this burden would

| inevitably fall most heavily where it was known to be most deserved. The seaman being covered, we might leave the insurers to look to that. They would have means of know- ledge, and inducements to use the knowledge, in mulcting the guilty, such as could not be made available to any department of the Government.

It may be said that insurance against such a liability would probably become general. But, if so, the charge to respectable shipowners would be very light, for the risk would be so. And it would carry with it some counter- vailing advantages. So long as we alone had the proposed

| law, it would be a special advantage to the British seaman, and one which the best—that is to say, the most provident —of our seamen would best appreciate. ‘And when adopted by other countries, the burden upon our shipowners would,

| in effect, cease. Further, whatever advantage to the sea- | Man cae to be recognised in this arrangement would make itself apparent to some extent in the rate of wages, and its ultimate effect would be good, for it could not fail to |make more familiar to our seamen the advantages of life | insurance. And everything that tends to make them more | Self-reliant and more provident, and so raises them in the | Social scale, is a direct national gain.

THE FOREIGN TRADE OF EGYPT.

Ix his annual report M. A. Caillard, the Director-General of

Egyptian Customs, gives a careful and very thorough analysis of the foreign trade of the country during the past

year. Both in 1882 and 1883, Egyptian trade had excep- | tional difficulties to contend against, as in the former year | the insurrectionary movement paralysed business for a time,

| whilst in 1883 the outbreak of cholera temporarily checked

all commercial operations. The volume of trade was thus

smaller in both those years than it had been in 1881. But, as will be seen from the following statement, the decline in 1883 as compared with 1881 is slight, and in the circum-

stances this must be taken to indicate considerable vitality in the commerce of the country.

VaLuE of Ecyprian Imports and Exports. é Imports. Exports,

Year, LE Le MOND, scinisivicte beteemjuibensiaaie 8,597,000 ...... 12,310,000 RENGesviaisssiguittieieaicoanicae 6,870,000 ...... 10,994,000 PES sisralcesinegetcssecetiaek 8,693,000 ...... 13,178,000 BOOB. os sctsdintasnslstahee 8,325,000 ...... 13,891,000 BPD inssivinsibsscoiteatacianigibes 6,428,000 ...... 14,234,000

Of last year’s imports, about 22 per cent. consisted of cotton piece goods, while the other chief articles of import contributed to the total in the following proportions : coal, 103 per cent.; lace and haberdashery, 54 per cent. ; indigo, 4 per cent, ; wood, 3} per cent.; wines and spirits, 3 per cent.; coffee, 24 per cent.; woollen goods, 24 per cent. ; and cotton yarn, 2} per cent. Of the exports, 602 per cent. consisted of cotton, 13? per cent. of cotton seed, 7} per cent. of beans, 43 per cent. of wheat, and 3} per cent, of Sugar. And the fluctuations in each of those chief articles of import and export during the past five years are shown in the following table :—

THE ECONOMIST. 869

Vatves of Curer ARTICLES of IMPORT.

| 1883. 1882. 1881. 1880. 1879.

fe | -de--|-@ fe | £e Cotton piece goods ...'1,885,000 1,176,000 1,575,000 1,756,000 1,377,000 ROU Ghat sadecabteduatsans | 915,000) 751,000) 379,000) 654,000} 562,000 Lace & haberdashery; 485,000) 351,000 532,000) 507,000) 266,000 I aie crccaiceniaticains | 335,000 206,000) 248,000 214,000! 169,000 WP aipicidbitsicdicees 275,000; 244,000) 315,000 291,600) 185,000 Wines and spirits ...| 360,000) 204,000) 215,000 154,000) 145,000

incl hsicitcins | 218,000 234,000) 264,000 305,000; 212,000 Woollen goods ......... 206,000 116,000 215,000 259,000! 155,000 Cotton & other yarns’ 192,000 149,000 189,000 190,000' 114,000

Va ves of Curer Articies of Export.

|

} 1883. 1882. 1881. 1880. 1879.

fe | £u | £8 | £e Lx CAPONE Slevncchacseacscut 7,466,000 7,386,000 8,891,000 7,465,000 8,119,000 Cotton seed ............ '1,697,000 1,161,000 1,507,000 1,547,000 1,317,000 Beans .........00200e- -| 903,000} 557,000) 661,000 622,000! 762,000 WON vibcnseneitiitinnss | 545,000} 84,000! 463,000 1,053,000/1,346,000 SIU coacduesdcaantess | 394,000: 563,000! 292.000) 742,000! 679,000

In the exports, both of wheat and sugar, there has of late years been a great falling off, which is no doubt largely due to the inability of Egypt to compete against other producers at the low prices that have beencurrent. Other- wise, however, except in the very exceptional year 1882, both imports and exports have been fairly well sustained. By far the largest portion of the trade of Egypt is carried on with this country, the share taken by us and other nations in each of the past five years having been—

Proportion of Imports ConTRIBUTED and Exports TAKEN by DIFFERENT COUNTRIES.

Imports,

l ihe ‘<h | 1883. | 1882. | 1881. | 1880. 1879.

% % | 4 % | ¥ RAR MINTER ose cindcsssevewxcandeacs 45°16 42°40! 41°62) 41°89] 40°58 EE cncatsnsisisigerintnadrenacaiets 16°01 | 20°66 | 21°97 | 22:90! 2402 France and Algeria...............++ 13°93, 12°93} 13°11 | 13°57} 1415 Austro-Hungary ...........000.c0eee 11:29; 971) 1058 10°80! 1025 BOOEG vsdiie a dciadeciacanstvctcsccesssciese 325) 324) 335) 322] 326 DRE oa Fin shaadi gcthaenn annie 183; 306; 212; 106] 098 India and Extreme East............ | 5°16) 442! 416) 469] 4-29

IE siveucdstaivecnedddacuskedeuss 1:14; 165; 1:67!) O89) 1°45 CRON Fie dckcisivdedindddentthesameds 028) 029) 020: O13} O23 Oeer COUMEFION : cscncciccciccccecsss 195; 164} 122! 085] O79

100-00 100-00 100-00 100-00 '100:00

EXPporrvs.

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Great Britain 2:49! 65°33) 60°50 ae &= Te

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Wee onl Algeria.......-sesseeee | 856) 856) 876) 8 02 oes

EEUDAMEY oc cccceccececcousescs 4°95 387 | 354) 2% 3°42

a ee qiuausdetuensesucauads 664) 663) 555) 395; 816

aes aeeel 3:33| 869| 1280! 520] 632 dia and Extreme East..........-. | 002} O01) O01; 003) O12

Endia and xtreme Rast | Sek oe! Sel See ee GISOU saccccsscrosiscnscivesssnseiinc OOO) GOB) O72) TEST OM Other countries ......scceeeereeerers | 175) 147) Ll4) 135) 076

'100°00 100-00 100-00 |100-00 |100-00

The feature here is the continuous growth of British

trade with Egypt, which last year amounted to nearly half

as much again as that of all other countries put together.

Of the cotton goods which Egypt purchases, we supply

nearly 96 per cent., and practically all the coal and cotton

yarn she imports are bought from us. On the other hand,

we take fully 69 per cent. of all the cotton, 90 per cent. of

the cotton seed, 904 per cent. of the beans, and 86 per cent.

of the wheat she exports. There are some who go so far as

to urge that this great preponderance of British trade gives

us a right to claim a commanding voice 1n the settlement of

Eeyptian affairs; and to this doctrine, if we mistake not,

both Sir Charles Dilke and Mr Chamberlain have, after a

fashion, subscribed. Such a claim, however, it is obviously

impossible for us to maintain. We might, for just the same

reason, arrogate to ourselves peculiar rights in, say, —

whose foreign trade also is mainly in British hands. It is

on other than trade grounds that our intervention in Egypt

eee OOOOO——eaw>»,_ mw

THE

is to be justified, but at the same time it is well to remember

that even from the purely business point of view, order and

good government in Egypt are matters of considerable im-

portance to us. AL TRL OTST TE

OF THE DOUBLE STANDARD

AGITATION IN ENGLAND.

We have been asked by the Council of the International

Monetary Standard Association to publish the subjoined

correspondence, and we are glad to be able to assist them in

giving publicity to their frank confession of failure. Were

it not thet such an open acknowledgement of defeat disarms

criticism, objection might be taken to Mr Gibbs’ assertion,

that the opposition which, so far as this country is concerned,

proved fatal to bi-metallism, has arisen “ mostly from

THE END

ignorance.” It is rather, we think to be attributed to an

intelligent appreciation of the advantages, to a country like

this, of a single gold standard, and to a well-founded distrust

of chimerical currency projects. But if it will comfort the

bi-metallists to believe that their want of success is due to

their superior enlightenment, there need be no wish to dis- It is sufficient to have theassurance from

That having illusionise them. their own lips that their agitation is dead. been given, controversy may well be suffered to cease.

(Extract From THE “ Kouniscue ZerrunG,” June 21.) Berlin, June 20.

| Tt has almost become a principle of English business policy to recommend as excellent and good those things by | which England would profit if some other nation did them. | England praises the faults of her neighbours as great | virtues, encourages them to commit them, and simply

/| pockets the profits accruing to her therefrom. Of this the | English bi-metallists have given of late a striking example. {| Their apparent enthusiasm for the double standard is of a

very platonic character, but they strongly recommend it to the rest of the world, in order that on their part they may retain the gold standard, and not lose the very lucrative monopoly of effecting the adjustment of the international

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trade balances. This supposition receives a striking con- firmation from the speeches delivered by English bi-metal-

iti ee {| lists at the last meeting of the International Monetary

rt + ne, Standard Association. At this meeting, Mr Gibbs, the t aes .f| leader of the English so-called bi-metallists, made the

Ba eS ‘| following statement :—

: “ We would say to Mr Arendt or Mr Haupt, Why cling | to the skirts of England? The bi-metallist principle is }} either good or not good. If the double standard is sound {| in principle, why do you not accept it? England’s holding

aloof can do it no harm ; adopt it, and work with the four nations, Germany, Italy, the United States, and France If, ata former period, France could maintain single-handed

| a double standard, four nations together would surely be ‘|| able to do it now. Carry it out yourselves, and if England

jj is to lend her aid, you may always rely upon her doing | what she was willing to do some time ago, viz., to permit | the Bank of England to keep in reserve the legal amount || of silver, and to maintain the silver standard in India. As | for the former ratio between gold and silver, I do not think || that greater harm could arise from the return to this ratio || than that caused by the abandonment of it. But this par- }| ticular ratio is of less importance. What we want is a | definite stable relation between the two wheels of the | carriage. | Mr Gibbs, therefore, calls out to the German bi-metallists :

|| set on foot the double standard, but without England, and || if the proportion of 153 to 1 between silver and gold will

| not do, take another, for instance, 18 or 20 to 1, but adopt one definite ratio, and leave England out of the game. We quite believe that the Bank would be willing to form a reserve of a few millions of silver, if the Continent had pledged itself to the double standard ; but that would be no sacrifice, and certainly not deserve our thanks. If the international bi-metallist. household ever had one table-cloth in common it would have been cut by Mr Gibbs’ statement for “only with England, and only on the basis of 15} to 1,

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ECONOMIST.

example of the much-praised English bi-metallists, and to tell the French, goand form a double standard union, say

and what I must still say. taken in supposing that there is any question of sincerity involved; it is merely a question of fact. ( abundant opportunities of learning both what our states- men think on the subject of the double standard, and what the prevalent feeling in England is; and I am sure that,

has been the watchword and battle-cry of the German bi- ‘ metallists ever since the Cologne Bi-metallist. Congress of

P) The Wahrungs Correspondenz is now advising the German standard politicians to follow the

[July 19, 1884,

between France, Italy, Austria, and the United States, but leave us Germans out of the reckoning. But our bi-metal-

lists, it seems, will never learn anything reasonable from the English.

Aldenham House, Elstree, July 3,

My Dear Sir,—I have only just now found time to read the article in the Kolnische Zeitung of June 21st, which you were so good as to send me in your letter of the same date.

I think the writer has correctly rendered what I said, He is, however, gravely mis-

I have had

mostly from ignorance, but in some cases from a mistaken conviction, my countrymen are generally in all sincerity averse to the introduction of the double standard; and [ see, therefore, no present hope of the restoration of silver to the place as standard money which it once occupied in this country. I regret it much, because the adhesion of England would give five-fold strength to any combination for the purpose; but since I am fully persuaded of the fact, it is but right that I should say so; and that being the case, I think I give good advice to Germany and the Latin Union in counselling them to act independently, and obtain for themselves what they and I consider to be good —the unrestricted use of both metals as standard money. Whether it is good for them that England should retain silver as the money of her Indian Empire, and should take

five millions of sterling silver off the market, as she would do if the Bank acted in that matter on the Law of 1844, is for them to judge. To me these two measures seem to be a very considerable aid offered on the part of England to those continental nations who wish to rehabilitate silver.

The writer, who is, I suppose, a bi-metallist, speaks in the Kolnische Zeitung, nevertheless, as if it was 4 real advan- tage which England was seeking in striving to retain a single gold standard, and says, “‘ Why, then, should not Ger- many also hold aloof, and leave France, Italy, Austria, and the United States to make a bi-metallic union among themselves?” Certainly she might do so—she might, that is to say, comiait the same error which England is com- mitting; but I cannot imagine why she should, nor why any bi-metallist should think it could be to her advantage

to do it. France made a great mistake in suspending the full

working of her bi-metallic law, but inasmuch as she stood alone, there was some apparent reason for her fear that she might be swamped by the influx of silver from Germany. The accord between France and any other nation would have reduced the common danger to an_ insignificant

quantity, and the greater the number of nations united in such an accord, the less the possibility of the accord being

broken through. England, therefore, will only injure her-

self in abstaining; but she may, and I think will, persist in

doing so. Germany, by following so bad an example, would but do a manifold injury to herself. :

But as with the completeness of the union, so also with the ratio between gold and silver. I hold to our English proverb, “ Half a loaf is better than no bread.”

What I desire is an accord between all the great com-

mercial nations, and on the basis of 154 to 1. But if | cannot get that, I should be glad to see an accord between

two or more great commercial nations on that basis; and if I cannot get that, I shall be glad to see an aceord between all commercial nations, or between two or more of them on

some other basis. We shall not in this latter case have the same assurance

of a perpetual accord, and we shall not have fixed the wisest basis for that accord, but we shall have restore silver to its place of usefulness in the world, and we shal

desired stability of the exchanges.— Yours faithfully,

Henry H, Gisss.

To E. Koch, Esq.

A

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| have assured to the commercial world an increase of the

y 19, 1884. Jul ———

AMERICAN RAILROADS AND TRADE.

(FROM OUR OWN CORRESPONDENT.)

For the week ending with June 30, the speculative stock market was tightly held in the grasp of the bears, and

shares, with three notable exceptions, were depressed almost

‘continuously. Lackawanna, Missouri Pacific, and Union Pacifie were controlled by cliques, which succeeded in

holding them above the reach of the so-called wreckers. Other stocks were pounded unmercifully and gave way.

The declines in such stocks as Lake Shore and St Paul were

| noteworthy, and it is not going without the limits to say

that all confidence was for the time destroyed in securities | which should, in most instances, afford a good investment. Rumours affecting the credit of leading corporations and capitalists were met on every hand, and stories of breaches of

— ——————

| Broad and Wall Streets.

‘ascribing to them the downward course of | There was, however, some slight reason for this. The past year has brought out the truth of so many allegations as to

| mismanagement of railways and their financial unsoundness, ithat this new crop of charges found a market naturally. The tenor of the latest disquieting charges in almost all

| instances was with reference to the defaults in interest on railway bonds on July 1—the most important settlement

|day in financial circles. West Shore, and Wabash and | Texas Pacific had announced their inability topay. Union | Pacific would not pay its dividend, but would make good its | interest account—so it said, officially. It is useless to deny ithat the statement was doubted up to the last moment. | There was distrust on every hand, and it was with consider- able anxiety that the developments of Tuesday were awaited. | |

| There were (in round numbers) about 28,000,000 dols of |interest due on railway securities in this city—some | 2,000,000 dols on miscellaneous shares and bonds, which, with over 30,000,000 dols of interest on National State and

| City bends, payable here, made about 60,000,000 dols due on |that day. Fortunately, there was but one default in addition to those known, or fully expected. The Denver and Rio Grande defaulted payment of interest on its first consolidated mortgage of 690,917 dols, and the New York, West Shore, and Buffalo 1,250,000 dols semi-annual interest on its 50,000,000 dols first mortgage bonds, the Wabash on its bonds to the amount of 083,866 dols 50c, and the Union Pacific (dividends) 1,777,605 dols 36c, in all 4,322,388 dols 86c, or about 15 per cent. of the total of railway interest and dividend in-

|debtedness due here Tuesday. Another feature demands notice. The New Orleans Pacific and Texas Pacific coupons,

tion,” the Missouri Pacific, which prevents default (techni- cally), and Drexel and Co., bankers of Philadelphia, have done a like service for the Reading Railroad, by cashing its coupons now due, The question has been raised by some mischief-making bear as to whether by this action the original holders do not surrender all their rights as bondholders to the parties or corporations who advance the money. It appears likely that the latter secure by the purchase the right to foreclose, and it is suggested that more or less litigation will yet come of this method of procedure, which, by the way, was first brought forward by Mr Gould (the Missouri Pacific Railway), when it bought the Texas Pacific J une coupons, The getting through the day with but one new railway

failure (Denver) was a relief. It was maintained that the putting into circulation of so much money must affect securities favourably, by increasing the opportunity to invest at prevailing low rates, market became stronger and scored an advance, and that this feeling and condition was maintained yesterday. Money came easier, and was held in call at 1 and 3 per cent., closing at 2, though time loans were not much easier than °r some time past. The bulls are now arguing loud and 1ard that the long expected permanent advance has begun.

| f }

j The following list shows the highest and lowest prices of some of the leading stocks during the

‘ew others believe it,

past six months, with the closing figures last evening :—

trust and fraud in high financial places ran riot through | The most lamentable part of it |

all was, that they found so many to give them credence, | the daily journals containing hints of the tales, and |

prices. |

| which were due, have been purchased by “a friendly corpora- |

lt remains a fact that the |

LIST. S71

a of 1884.— July 2, thes owest }

The Vanderbilts— oe ore — | New York Central.........6:.0seces BO vicedes 944 1012

Canada ROMEO <0. oc ac cccccscccuus 57Z 243 28k Chicago and North-Western ... 124 ...... $14 RO

| NON aa sisi dadcendeiadtee ics 104? ...... 67% 754 | Michigan Central .................. ae 513 56 | The Goulds— ; | Missouri, Kansas, and Texas TR sijagrins 94 123 | Missouri Pacific......... a 634 97% | ‘Texas Pacific ites Reaadat, ae 54 $3

Wabash, ee ee ee Me dates 4 be | Wabash, preference ............... 32 9 3h | Western Union ..................... 38h 49 565 | The Coal Roads— | Central of New Jersey ............ 90 49 59 | Delaware. Lackawanna, and

Western ...... dante oaths ienien 1334 904 1142 | Philadelphia and Reading .. 603 22 26 | Rochdale and Pittsburgh ......... SOE tases 3 4 Pacifics— : : Canadian Pacific........ 584 39 422

Be eer ee ee GIO + sexes. 314 3 | Northern Pacific...................«. > aa 14 hoy | Northern Pacific, preference 578 374 423 | Oregon and Trans-Central ...... 348 6} 94

Oregon Railway & Navigation 112 ...... 602 70 ONG a iiis .seetvsceisvesensiaes .. Meo 31 413 a a eee ae eee ee OD | + edicts 284 312 | The Grangers. | Chicago, Burlington, & Quincy 127? ...... 107 111s | Chicago, Milwaukee, and St

SI a bain iti» <idaies a ahicdeeantan 944 584 66 | Chicago, Rock Island enn. 100 107 | JO ee es een | ae 212 254 | Omaha, preferred ...... pakaneas 964 SO; 854

At this time also came the statement of receipts and expenditures by the Government for the fiscal year ending June 30, and the monthly report of foreign commerce, that for May last, the details of both of which have doubtless reached you. The reduction of the National Debt 101,006,000 dols) is 36,000,000 dols less than

(about

in the pre ceding fiscal year, owing to a falling away in the revenue.

| The revised tariffof 1883 promised a 35,000,000 dols tion of import duties. Instead, we find a decline of about 15,000,000 dols. But the receipts from internal revenue,

dols smaller. The interest - beari

reduce

ng debt now outstanding amounts to about 1,240,000,000 dols, and of this some 240,000,000 dols will be subject to call at 3 per cent. This, at the existing rate of payment, promis s

| to cancel the 3 per Cents. before the close of 1886, or five years before the 250,000,000 dols of 5 per cent. bonds will become redeemable. The question will come home to us

|

j

|

| are some 20,000,000

'

| |

}

| within two and a-half years, then, what to do with our enormous surplus, for, to judge by the shilly-shallying of the calibre of Congress men at present, no real or beneficial curtailment of the revenues is likely to be undertaken soon. Our foreign trade for the fiscal year points to a total of about 725,000,000 dols of exports of merchandise, and 665,000,000 dols worth of importation, giving a so-called “favourable balance” of about 60,000,000 dols, or, say, 30,000,000 dols less than in the preceding fiscal vear.

The general trade situation is, if possible, more quiet than

it was one week ago. Money throughout the interior is

closely held by the banks. This is due to two causes. In

| the wheat and corn growing regions it is largely due to their

conserving their resources to aid in moving the crops, and

the prevalent spirit of conservatism in making loans is like-

| wise responsible. The condition of the New York banks is

steadily improving, and the loan certificates employed during

the financial crisis to aid in making good clearing-house | balances have been nearly all retired, with the exception of

| those employed by the Metropolitan Bank. The industrial

| situation is still complicated by pre-existing elements of

| disturbance. The strike among the Ohio bituminous coal-

miners, threatened last week, still hangs over the heads of

| the mine-owners. Short time among the Pennsylvania hard

| coal miners (excessively prolonged) is resulting in agitation

| favouring a strike. The iron, cotton, and woollen mannfac-

| turing trades are moving slowly, and find no increase in

orders. The distribution of general merchandise, as is

customary, is experiencing a midsummer dulness. .

Whilst stocks advanced on'Tuesday wheat and oil declined,

as they have been doing for some days. The stocks of

| wheat throughout the country are getting small, there

| being only about 800,000 bushels at this port and vicinity.

The visible supply fell away over 700,000 bushels, but

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trading was listless, and persistent telegrams from the

West, telling of continued good weather, backed by weaker

eables from London, Liverpool, and Paris, crowded quota-

tions down. And thus we found No. 2 red wheat at New

York selling at 95c per bushel. There is no new feature

in the breadstutts situation, otherthan that California 1s again

engaged in sending East exaggerated reports of the probable

yield of wheat. The trade here are watching the weather

| reports from the United Kingdom, believing, as many of

'¢hem do, that unfavourable skies there, with decreased

| stocks, would put prices up. Much old wheat continues to

| come forward, and some new crop wheat (Southern) has

| also been received here.

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| ment eastward of the new crop will be utilised by the New

which will, through the new Grain Committee, take measures

| to raise the grade of wheat sold at this port. This could

| not well be done a year ago, owing to the large stocks then

'in store here. No such obstacle now exists.

| ‘The situation in the petroleum market, where a decline

| in the price of crude (pipe line certificates) of 50 per cent. has taken place within the year, deserves comment. We

| have heard much of late concerning “ declining production” _in the United States, and “increasing demand.” On these has the argument for higher prices been based? The

| break in quotations was first caused by the fact that the |“ outside” speculative public becoming disgusted or alarmed, or both, at some of the methods practised at the oil exchanges to influence prices, withdrew. The heavy operators, who held a great quantity of oil, unloaded on one another, and prices tumbled. Meanwhile exports dragged. “Europe refused to buy,” the home demand, too, was smaller than had been expected, and production, notwith- standing it was “decreasing,” ran ahead of consumption. Nut until June did the takings of oil exceed the receipts at the tanks from the wells, and then only slightly. Within

(a month the Gartlanwell at Wardwell’s Ferry, in Warren county, Pacific, has developed into a 1,000 barrel a-day

| producer, and there are other very. heavy spouts in the | vicinity. The production there has largely increased, and “a New Cherry Grove” region is more than a possibility.

{ { |

| “ Russian competition ” does not excite the producers and refiners here yet, and if prices remain where they now are

| for any length of time, perhaps they are right. The move- | ment of producers to “stop the drill” has not been a | success, as a number of those controlling large tracts of | prolific oil land refuse to go with the arrangement. The intention, of course, was to forcibly advance the price of crude oil by cutting off the supply. This appears odd, how-

}ever, with 40,000,000 barrels—two years’ supply for the | world—now above ground and awaiting consumption.

The number of failures in business in the United States within the past six months will be reported by Bradstreet’s on Saturday next, at 5,444, against 5,296 in a like portion of 1883. The aggregate liabilities show an increase of 50,510,000 dols (an average of 22,796 dols per failing trader), and the assets a gain of 30,842,000 dols (or 12,992 dols for each failing trader), as against the record in

| the first-half of 1883, when each failure had on an average | 13,902 dols liabilities, and 7,533 dols assets. In discussing the heavy increases noted, this comment is made :— _ “It is worthy of note that while the excess of liabilities in the past six months is about 50,000,000 dols in excess of the liabilities for the first six months in 1883, at the end of the first quarter of the current year the total liabilities were over 3,000,000 dols less than in the first three months of 1883. Thus the past quarter accounts for the whole of the enormous expansion of the liabilities by showing an expan- sion of some 46,000,000 dols, or 47,000,000 dols as com- pared with the liabilities in the second quarter in 1883. The contrast is still more plainly shown by the fact that while there were 47 failures of over 100,000 dols each in the first three months of 1884, with a total 10,500,000 dols liabilities, the second quarter offsets this with 100 failures of over 100,000 dols liabilities each, and with some 50,000,000 dols total debts. This traces the second quarter’s excess liabilities (about 46,000,000 dols) and the excess of seven- teen failures (as against 1883) directly to New York city, and to the wrecking influences of the middle of May last. New York, July 3, 1884.

THE ECONOMIST.

'from 204 millions sterling to close on

| York Produce Exchange (where the too low quality of the | the years of excessive famine it only fell a little below No. 2 red grade is appreciated quite as well as elsewhere) |

[July 19, 1884, ens

INDIAN LAND REVENUE REFORMS,

(FROM OUR SPECIAL CORRESPONDENT.)

In my last letter I dealt with the first of four measures taken by the Government of Lord Ripon for improving the | position of the land-holding classes, by giving some fixi to the land assessments. The policy of restricting

the State demand on rentpayers is obvious, since the con- tentment and prosperity of the ryots are of importance

to the stability of British rule. On the other hand, ‘it must never be forgotten that the land revenue

: |is the The first sale of the latter (from | | only a progressive, but a reliable income.

| Maryland), made yesterday, brought 1024 dols. The move- |

sheet anchor of Indian finance. lt supplies Since

-2 the land revenue has risen by steady growth 22 millions. In ot ed

187

20 millions, and it recovered immediately after 1877-8. The total revenue expected from the eleven principal heads in

the present year is 50,704,000/, to which the land revenue contributes 21,888,2007. It is, therefore, clear that the

Government cannot afford to be extravagant in land reforms, especially when the menaces of Russia on the Afghan frontier forces upon the Indian Government questions of army reorganisation, and of an increase to the British garrison. But the policy adopted in regard to land assessments will not sacrifice any present revenue, although its tendency may be to reduce in the future the growth in the land receipts which has been witnessed in the past. On the other hand, if the expectations of Government are realised, the agricultural population will become more pros- perous and industrious, and the small sacrifice of rent will be recouped in a number of other ways, such as railway traftic and salt receipts.

The other measures adopted for the relief of the land- owning classes have been cordially accepted, without raising any difference of opinion or protest from any local govern- ment. The first of them consists in a declaration that the State will resign any revenue which it might legally levy on the profits of improvements made by the agriculturist’s own or borrowed capital. This policy has been gradually gaining strength and development in Western and Southern India, but it is now extended to the Northern Provinces. There are obvious limitations to a strict interpretation of the general assurance which has been announced. ‘There are districts in India where the water lies so near the sur- face, that it can be applied to agriculture without any outlay beyond the labour of the tenant. In such cases the advantage of water supply is hardly distinguishable from the advantage of a rich soil or of proximity to a line of railway. It is a facility afforded by Nature rather than by capital, and it is taken into account in the _ initial assessment to which reference has been made. But the system of settlement varies in different provinces, and in some a separate rate has been put on the use of such | water, rather than on the facility for obtaining it as being | inherent in the particular estate. Between the two pro- | cesses there is no practical distinction, so far as the ryot who makes use of the water is concerned. But the partial{critic may regard the imposition of a water rate, distinct from the land assessment, as an infringement of the Liberal policy laid down by Government. With regard to wells sunk and built up at the cost of the landholder, or embankments to

retain or exclude the surface water, or improvements

effected by the application of greater labour and skill to the operations of tillage, the declaration of Government will be

fully applied, so that the enhancement of value will hence-

forth fructify in the pockets of the people. Nothing 1s now

wanted to secure to the agriculturists the full benefit of the

change except to alter the law, so as to place the exemption of such improvements upon the sure basis of legal privilege.

A small, but not insignificant, reform has been made in |

altering the dates upon which the instalments of the land revenue are paid. Our system is apt to be too uniform, and

at times reactionary. One date of payment is convenient to |

the producer of a crop of rice, another to the grower ° wheat, and a third to the cultivator of sugar-cane. A Mg! system may be convenient to the tax gatherer, but very al convenient to the man whose crop is still maturing 1" the fields. The Government of India have called attention to

the advantage of adapting the system of collection to the

varying circumstances of different tracts of country, an¢ °

Og 209 Ips

July 19, 1884.] | the producers of different crops. They have gone further

than this, and recommended that the rent-charge should be | distributed over @ sufficient period in instalments, So that

‘the market may not be glutted by the need of realising the | value of the crop all at once. In many parts of India we

‘found that under the native system collections were con-

| stantly made whenever there was any crop to distrain. The | people were always paying something, and demands were

| made whenever there was anything to collect. The ryots

‘had no rest from the taxgatherer. The irritation caused by | such a system was not less injurious than the absence of

| any inducement to thrift and forethought which it involved, ‘Under our system the instalments were reduced to a

‘minimum, and the ryot was taught his first lessons in pru-

| dence, by having to look forward to the payment of a mode-

‘rate, but certain, demand. The tendency now is to go somewhat back again to the old system of more frequent demands. There is some advantage to be gained by the

| greater attention to local circumstances, but it must be ‘understood that the original reduction in the number of instalments was not wholly devoid of reason.

| The most important, however, of all the assurances given ‘by the Government of India has yet to be stated. English- ‘men have never realised the extraordinary change of policy ‘which distinguished the famine campaign waged by Lord Lytton in Southern India, and that waged in Bengal by Lord Northbrook. It may be true that if the campaign in Madrasand Bombay had been waged on thescale which wasap-

| plied to Bengal, India would have become bankrupt. In Bengal | no expense was spared, and the loss of life was quite insig- ‘nificant. The later famine was unprecedented for extent, duration, and severity. Relief was given with undue

regard to economy, and Sir Richard Temple, who had been so liberal in Bengal, exacted from the Deccan ryot the uttermost farthing of revenue. But his excuse was that he acted under the orders of the Government of India. Every

|local government has therefore received with relief and satisfaction the policy announced by Lord Ripon in regard to the suspension and remission of the land revenue in times of famine. If this policy is loyally applied by the successors of the present Viceroy, he will earn the gratitude of generations to come. The history of India shows that such bills drawn on the future are not always honoured by posterity. But, at least, it will be necessary for future Governments of India to dishonour the present bill, before

they can extort from famine-stricken cultivators their rents

in years of distress. The measure to which I refer con- |templates the division of areas into insecure and secure areas. In the former a graduated scale of suspensions (that is the postponement of payment of rent) is adopted which shall fit in with graduated scales of losses of crop. Rules also are laid down, which provide for the case when these suspensions will ultimately pass into remissions. When such remissions aggregate ten per cent. of the entire

| land revenue of the province, the previous sanction of the | Government of India is required. ? have now reviewed the measures taken by the present

, “overnment for the amelioration of the condition of the ‘gricultural classes, But it must not be concealed that behind them all lies a gigantic question, the settlement of

| Which has yet to be attempted in other provinces besides | byayred To take, for instance, the subject last pars

| lien poor that in consenting to suspend its revenue . -

| Given’ — to remit rent in time of famine, proprietors - at heart not _merely the interests st set

| mile Epes held under it, but still more those of t ie

his rent . sub-tenants. If the State landlord foregoes ‘West — of scarcity, or refrains from taxing im- in eiecie Ps imits his assessments in future, his object is

| masses of ¢} 1€ general prosperity, or to give relief to the | advantage . a, But if the superior holders take rack-rent - the liberality of the State, but continue to | years of ca ae or squeeze from them revenue in

e interce a a concessions meant for the masses _ will | of tetiant-ciohe ie behind all looms the difficult question 1 T Kees reheat 4 e difficulty arises from the fact, to which | command he: Ago attention, that the upper classes | are Chieseaieins “ a ress, while the masses of the people and felt be ; a t is true that their interests are known hatiye p “istrict officers, but the opposition of the

"ess, with a few honourable exceptions, must be

|

THE ECONOMIST. eee

873 expected and met. This is the case with the Rent Bill of Bengal, in which province the State has, with injudicious liberality, handed over millions of ryots to the tender mercies of a few thousand landlords. The measures of reform which I have described are, therefore, for the most part inapplicable to Bengal, because the State has lost all control over future assessments in that part of India. Con- sequently, the tenant question is the only question with which Government can deal; and; if Lord Ripon should succeed in passing a suitable measure of relief for the Bengal tenant, he will crown the edifice of land reform which he has so laboriously built up for the rest of India. I shall endeavour in a future letter to give some account of the prospects of a successful issue to that undertaking.

Bombay, June 11, 1884.

BUSINESS NOTES. en

Loxpon Bankine Prorits.—As a whole, we are inclined

to think that the profit and loss accounts of the London

banks come out better than could well have been expected. It is true that, as compared with the corresponding period

of last year, there is a reduction in net earnings in almost

every instance ; but with money ruling so remarkably cheap as it has latterly been, and with such an entire absence of speculation in trade and finance, a material decline in this

There is but one instance in which a dividend is reduced, and another in

which the dividend paid has not been fully earned in the half-year, but otherwise the statements call for no especial observation, apart from the fact that the surplus after divi-

dend is much less than it was at this time last year. The

net earnings and dividends of the leading London banks are

particular was only to have been expected.

contrasted below :—

—First-Half, 1884.—. —First-Half, 1883. Net Net

Profits. Dividends, Profits. Dividends.

£ % = %

PONE caiicrvdacossaiece SONET ge" BA meer 34,93 7

Central...... ee telah his 11,324 De. adie 11,565 10

ada idectacitsancaiens 51,933 pe 61,404 ... 10 Imperial .................. 24,217 To seeees 31,571 , 8 London & Westminster 242,905 16 253,938 16

London and Provincial 22,469 25 eee 21,866 123

London Joint Stock ... 109,254 15 sawaes 105,943 15

Union of London ...... 101,900 15 113,572 15

§93,389 634,797

The falling off is, it will be seen, rather over 41,0007; while

on the other hand, the paid-up capital employed has been

increased in the instances of the London Joint Stock and

the Union of London. Altogether, 880,000/ new money has

thus been provided in the past twelve months, and at only

3 per cent. this should have yielded 13,200/ new profits

during the six months. It 1s worthy of remark that

London deposits have steadily increased in the past half-

year, ~

Buon MoveMENTS TO AND FROM LONDON, FOR THE FIasT

Har or 1884.—It is by no means uninteresting to group

the statistics of the real value of imports and exports of

bullion and specie into more broadly denfied geographical

divisions than are given in the official returns printed in

last week’s Economist. The following tables will illustrate

our meaning :—

Tape L—Impvorts of BeLiioN and Specre into Loypon for the Srx

Monrus, Jan. 1 to June 30, 1854. Gold and

Gold. Silver. Silver.

ces in— £ £ Ic: boone penne: 1,887,729 «2... 1,315,156 ...... 3,202,885 ieee 104,888 ...... 17.962 |... 122,150

Meee... Sr 198,047... $4577... 277,624 Ain ics icictcincas 5,509,306 ...... 3,379,751 ...... 8,889,057 Australasia ............ 411,879 ...... 12,950 ooaes a

Not specified............ SE IOG - i080: OE. déeses 75,

uaF oes. 8,142,239 ...... 4,799,669 ...... 12,941,908

' : ' '

’

' ; ‘

'

if 4

‘|

3 i ¥ if ia

Ha ie ia

i] Ese + OR ee Ne gia cite *

ae ri ee pgry nrg

i II].—Exports of Bunion and Specie from Lonpon for the

|

Six Montus, Jan. 1 to June 30, 1884. Gold and

|

Gold. Silver. Silver.

To places in— £ £ £

thoréne : 2,383,220 ...... 510,021 ...... 2,893,241 SEM Fs\, cb dc seeds hes dation $08,805 __...... 4,236,042 ...00 5,044,547

PIE rec xervenucescaeeie BME «0? Saintes 46,050 ...... 46,050

' MMETICA 0......0-.ccssees 1,760,674 ...... 126,896 1,887,570 ; Australasia 920,000 ...... 20,900 ...... 940,900

' | Not specified ............ PEI ssckes BSS: inks 122,073

Total 5,985,449 ...... PA DX ye 10,934,681

TABLE IJI.—LoNpDON Imports of BULLION and SPECIE GREATER than Exports, Six MontTHs, Jan. 1 to June 30, 1884.

i Gold and Gold, Silver, Silver.

From places in— £ £ E> | Hurope weeeeccccseeeeeee eee eee $05,135. ...... 309,644

|| Asia 5 wetebhenatecseseene® ose

(Co 7 er rere 193,047 ...... seek daeote 181,574 | America ...........ss00 3,748,632 ...... 3,252,855 ...... 7,001,487 | Australasia............0:. pes. ; bite +s a6 Mot specified ............ see aaveens 30,650...

Total ..........0000. 3,941,679 4,088,640 ...... 7,492,705

| ware ake | BEE earG0 0000 500.0ss20009 PERT tieiee paves) aes 2,007,227

| Taste 1V.—Lonpon Exports of BuLtion and Specie GREATER than Imports, Srx Monrnus, Jan. 1 to June 30, 1884.

Gold and | Gold, Silver. Silver,

To Places in— £ £ £ Europe 495,491 ...... sie? ". cyeeuhe “ae

SMM Sscicsicntsibichaitiounass 703,917 ...... 1,218,780 ....., 4,922,697 f Renannpssnasnsetenneses cae awa BEMIS. nyc ad POR. on ess ei sissecvas 5 kee. F mae ion Australasia. Sv cerebicebduan a Tue! sicces 516,071

| Not specified ............ 77,360 od i ec aba 46,710

Total 1, 786080. ...... 4,438,203: ...... 5,485,478

BID cccccisccmrines = ans lenannes 511,029 _......

From a London point of view, the half-year’s returns are ‘ | quite satisfactory, Europe has taken, on tke balance,

eee 3 || 495,491/ of gold to supply her fresh coinages and reserves P74 | of that metal, and has relieved herself of 805,135 of her ‘ {| superfluous silver. Asia has continued to show her

< | capacity for absorbing precious metals, by taking, on : ee | the balance, (03,9177 of gold, and 4,218,7802 of | silver. ed | Africa has, on the balance, supplied 193,047/ of : ; gold to the London market, and has _ relieved

:. lit of 11,4732 of silver, From America, the balance he | of the half-year's influx of the precious metals to

ag London has attained the grand figures of 3,748,632/ gold, { and 3,292,895/ silver, or a total of 7,001,4872 of gold and

aa | silver. From Australasia we have received both of gold Ps and silver less than we have sent, so that the balance we ey | have forwarded there during the past six months has been ey 508,121 l gold and 7,950/ silver. To places not specified in = the official returns we have sent a balance of 77,3601 of ie | gold, and from them we have received a balance of 30,6502

final result, as between the London bullion market and the whole world, is that the balance of its imports over exports shows a gain for the six months, by the addition to its stock of bullion and specie of 2,156,790/ gold, whilst its exports of silver have exceeded its imports by 511,0297. So that, taking the two metals together, there is an addition bf 2,007,227/ worth to the stock in hand.

| silver, so that they have withdrawn 46,7102 of value. The

INSURANCE AGAINST EmpLoysrs’ Liapiurry,—An impor- tant question as to the risks covered by a policy of insurance against employers’ liability has been decided by the Court ot Appeal. A shell, brought by Lord Charles Beresford from Egypt, was given to the Henry Rifled Barrel Engineer- ing, &c., Company to be cut in two, in order to be used as an ornament. The shell was believed not to be charged but, as it turned out, was actually a live shell, and while it was being operated upon by a workman it exploded. Them whose occupation was described as that of a fitter, sued for obtained damages from his employers, who, in the sought to recover the amount from the Employers’ AssuranceCorporation, withwhom theyhadinsure The corporation, however, resisted payme that it did not come within the scope of fitter to cut shells, and that the risk was not

and ir turn,

THE ECONOMIST.

an, |

Liability dthemselves. | to one Beall, a solicitor, an ultimately and arrangement was

nt, on the ground | arrived at, by which one or more petitions for the winding-UP the business of a} of companies were to be presented by Mr Beall, on cor-dition

covered by that if they proved successful the Investors’ Union Company

[July 19, 1884,

the policy. In the Divisional Court, the opinion of the judges upon this point was divided. The Court of Appeal

has, however, held that, although the cutting of shells may be a very exceptional occupation fora fitter, yet it was part of the ordinary business of an engineer to receive iron, old

or otherwise, and make it into something else, and that the policy of insurance must, therefore, be held to cover all accidents which might arise in connection with such a business,

VicTORIAN FrInANcE.- ~The revenue of Victoria continues fairly elastic, and, according to the financial statement of Mr Service, exceeded the estimates by 154,000. The income was 5,930,000/, as compared with 5,602,000/ in the previous year, and only fell short of the expenditure by 20,0002, as against 67,0007 in 1882-8, It is to be remarked that as Victoria is much less dependant than the neigh- bouring colonies upon land sales, the present general decline in that item has affected her less than it has New South Wales or South Australia. On the other hand, the railway earnings are growing steadily, and realised a gross 2,080,V00/, whereas in the year 1882 the receipts were only 1,781,0787. No better proof of the judicidus manner in which Victoria has raised and expended her debt could be given, than the fact that her public works already pay 4 per cent. upon the entire indebtedness of the colony. Her railways have been constructed very substantially, and per mile are more costly than in any other Australasian colony,

but the return is, it is shown, correspondingly satisfactory. An expenditure of 6,230,000/ is allowed for in the current year, and Mr Service proposes to increase the spirit duties

2s, to cower the additional outlay.

Tue OPERATION OF THE MarrieD Women’s Property

Act.—A marked difference of judicial opinion as to the

operation of the Married Women’s Property Act is to be noted in connection with a case decided by the Court of

Appeal the other day. By a will executed in 1830, the

property of the testator was bequeathed to A, B, and B's wife, “to and for their own use and benefit absolutely.” Up

to the passing of the Married Women’s Property Act, husband and wife were in the eye of the law one person,

and if distributed under the old law, one-half

of the property would have gone to A, and the

other half to B and his’ wife. Under the

existing law, however, the wife can hold property in her

own right, and it was contended, therefore, that the estate of the testator should be divided into three portions. A taking one, B the other, and B’s wife the third. This

latter view was adopted by Mr Justice Chitty, before whom

the case was first brought, and who is reported to have

said that “the alterations effected by the Married Womens

Property Act on the old law of husband and wife were so

extensive and so marked, that it would be wrong any

longer, even in the construction of a will, to apply the old principle of the husband and wife being a compound person.” But the opposite view has now been taken by the

Court of Appeal, which, without deciding what would be the effect of the Married Women’s Property Act upon 4 will made after the passing of that Act, has held that a

will made before the Act came into operation must be

construed according to the law then in force. And this

does seem the more reasonable decision, because it is reason-

able to assume that a will would be drawn up in accordance

with the rules in force when it was made, and the wishes

of the testator, therefore, be best carried out by adhering

to these rules,

Tue Wreckine or Punic Compantes.—Some insight into the mode of working petitions for the winding-up of public companies was afforded by a case which came before

the Court of Appeal on Wednesday. It appeared that the petitioner in the action had given a list of all his invest ments to a Mr Cooke, the principal agent of the Investors Union Company. By Mr Cooke the petitioner was referrec

—$—$<—<$—<—$<—<—$—$< << eee oOoO0O0O O80 5 “al*“Nn\7 3 eee:

OF oT 09 pe

July 19, 1884. ]

were to receive 10 per cent. of the proceeds, while if they

failed the petitioner was to be indemnified against loss. Upon this arrangement the Court commented with considerable severity, pointing out that it no doubt accounted for a number of untruths that appeared in the petition, and reminding the Investors’ Union that “the law with regard

to maintenance still exists, and they might find it put in force against them.” This warning is good so far as it goes, but it would be better to see the law actually put in force than merely to hear of the possibility of action.

FAILURES IN THE Unitrep Srates.—We have received

|from Messrs R. G. Dunn their half-yearly report of failures |in the United States, from which we extract the following

First Quarter. Second Quarter.

No of , Amount of | Average | No. of { Amount of; Average Failures. | Liabilities. Liabilities. Failures. | Liabilities. | Liabilities.

ooo — Oe (ee —- et

& ae oe * $ | 1884 sees} 8,296 | 40,186,978 | 12,192 | 2,214 | 84,204,304 | 38,033 | 1883 ....... 2,821 | 88,379,643 18,602 | 1,816 | 27,816,391 | 15,317 | 1882 | 2127 | 88,888,271 | 15,670 1470 | 17,242,699 | 11,792 | 1881 versie] LCL | 24,447,250 | 13,000 | 1,105 | 16,490,395 | 14.931 11880 ..........| 1,432 | 12,777,074] 8972 | 1,065 | 20,111,669] 15,884 DROID oeanncs 2,624 | 68,119,665 | 17,081 | 1,584 | seeeei725 | 14.776 | 1878 sessecseoee| 9,856 82,078,826 | 24,464 | 2,470 48,754,940 | 19,738 Beer aivcayecs 2,269 54,538,074 | 19,010 | 1,880 45,063,097 | 23,972

11876 ....ccccced 2,008 64,644,156 | 28,038 | 1,794 43,771,273 | 24,398

| TransvAAL DeBeNTURE Bonps.—Our connection with the | Transvaal has raised a nice question as to our responsi- | bility for the railway debenture loan raised by the Republic |in 1876. The contention of the bondholders is, that when |we took over the government of the Transvaal, we took | possession of the railway material, which constituted the security of the debenture-holders, and, if not formally, at

|all events practically, adopted the liability of the debt. "On | the part of our Government, it is contended that whatever | responsibility we may have temporarily assumed ceased

when we gave the Transvaal back to the Boers, and the |grounds upon which this contention rests are thus | se ~ > mn

.

/set forth in a letter from the Treasury, which | 1s contained in a Parliamentary paper issued the other day:

| —“My Lords have never admitted that in approving Sir | Theophilus Shepstone’s Proclamation of Annexation, Her

| Majesty’s Government did more than declare that the | Transvaal should continue liable under British administra- | tion for all the debts, &c., for which the displaced Govern-

| ment was liable. This did not appear to the late Board of

|Treasury, nor does it appear to the present Board, to | mpose any liability on the British Exchequer.” The 10th | Article of the Convention recently entered into for the | Settlement of the Transvaal territory is framed upon this

| Principle, and runs as follows: “ Article 10.—The Trans- | Vaal State will be liable for the balance of the debts for | Which the South African Republic was liable at the date of /4nnexation, to wit, the sum of 48,000/ for the Cape Com-

mercial Bank loan, and 85,6672 in respect of the rail- ed loan, _ together with the amount due on 8&th ; August, 1881, on account of the Orphan Chamber

| Debt, Which now stands at 22,000/, which debts will | be f rs shaw. ’ | the wk charge on the revenues of the State. tees

position appears to my Lords to be this. The | bondholders trusted the | "Ts Government of the | 4ransvaal; after the of the Transvaal

late

annexation | by ™ a . ; ;

| tin Her Majesty's Government, it was for some he +0

My : ' on the footing of a colony, but Her | *1ajesty s rer . . . ad jestys Government has never directly or indirectly

a ee nae now admit, that it ever offered Impe- el ne a ocal security for the liabilities of the

| te vublie d ad the Transvaal remained a British colony, re 7 ic de ot would have been on the same footing as etganade oune British colonies, none of which, unless

ae ‘ee under Acts of the Imperial Parlia- pre: » OF can become, chargeable to the Imperial )cnequer, Her Majesty’s Government has been careful In its negotiations witl tl 2»w Gover , Trapevinl ic , ao 1 the new Government of the

| Sinaia Do tak ide for the taking over all the

| no Pelthiek chan” aibiaiih'” thio: Baseaah “Goedeaiioiet ss ee Sines oon Saree remains that those wl + } : tees b : a : a occupation of si 10 bought these onds during our

nof the Transvaal paid a much higher price for

THE ECONOMIST. asi A A

eee ent rtee apse ceeeC ese tartstsaeiessesphdansisonomndubslonumisaace 875

them than they would have done had the territory been left in the possession of the Boers. The bonds were then valued, and not unreasonably valued, on the basis not of fransvaal, but of British credit. And it is to be regretted that the incongruites of our foreign policy should have brought loss upon innocent investors. :

Wis AND Bequests.— The Jilustrated London News gives the following list of wills proved, with the amount of the personalty in each case :—

£ The Right Hon. George Viscount Torrington ............-..... 12,000 The Right Hon. Lucius Bentinck Cary, Viscount Falkland

and Baron Hunsdon, P.C., G.C.H., J.P., D.L, of Skutters- kellie, near Varm, Yorkshire .....<<...:ccsccocccsceccnccssceesce

Sir John James Ennis, Bart , M.P., J.P., D.L., of Ballinahown Court, Athlone, County Westmeath, and 36 Curzon street,

inlets Maiti ci ccaphabiadbets akniaingatilaiedscniwnbtceanisivh 14,000 196.000

136,000

Mr Arthur Witherby, of Dacre House, Lee, Kent............ Mr William King, 19 Ovington gardens .................. Mr John Boldero, of Lisson grove, and Norfolk House, St

Jobn’s Wood road ................0646. Mr William Norton Burroughs, of Great Yarmouth, Norfolk

99.000

41.000

Foreign Correspondence, —_————-

FRANCE.

(FROM OUR OWN CORRESPONDENT.)

Panis, July 17. DEBTOR.

July 17, 1834. July 10, 1834. July 19, 1883,

t c f c f c

Capital of the bank............ 182,500,000 0 182,500,000 0 182,500,000 0

Profits in addition to capi- tal (Art Law of June 9, BOE) vcccoscccdocceccsscceese

Reserve of the bank and its RANCHES ....0.2<000000-0er00e

Reserve of landed property Special reserve ...........000-++

8,002,313 54 ... 8,°02,313 54

22,105,750 14 4,000,000 0 4,000,000 0

‘ 11,997,444 16 ... 11,997,444 lt vee 2,934,153,630 0 ... 3,00%,295,005 0

8,002,313 64 ...

22,105,750 14 4,000,000 0

11,997,444 16

22,105,750 14

Notes in circulation........... 2,948,892,310 0

laterest on securities trans- : ;

ferred or deposited ...... 15,775,058 80 ... 18,140,909 29 13,061,909 51

Banknotes to order, re- ceipts payable at sight..

Treasury account current 29,751,600 18 30,052,339 64 34,571,120 32

147,550,070 41 160,550,016 14 CTOTINOE 0 ccc sins cosas 137,748,532 76 50,0 0

Current accounts, Paris...... 338,964,902 11 $28,878,512 20 347,026,070 1

Do branch banks ............ 52,183,125 0 «. 48,137,:20 0 .. 52,367,126 0

Dividends payable ............ 8,519,952 0 11,783,921 O o 5.606.171 0

Discounts and sundry inte- :

rests ....... Pe a 2,913,967 8L ... 2,287,146 14 3,156,894 18

Rediscounted the last six ee BS ess

MOMERB cccececcccevescscoeee 1,920,050 5 1,980,050 5 2,044,808 67

GOOD fins sceiansadicnveneseseese 93. 791,078 22 .. 23,939,263 54... 18,255,456 2

I isatensetecten 3,780,126,204 27... 3,775,488,568 11... 3,872,478,059 60

CREDITOR.

Cash in handandin branch _ tf . ce a t b oc

BUD iickisecnccnseocsssveoeus 2,053,716,533 53 2,028,651,004 74

Commercial bills overdue ... 184,081 92 l4-, ‘

Commercia! bills discounted ia oS wht i a

in Paris not yet due $00,425,371 9 305,386,212 61 ... 521,292,543 92

98,000,000 0 Treasury bills... esses . 98,000,000 0

Commercial bills, branch 574,072,143 0 ... 665,054,492 ©

AD «ois cdbcewcencneccsacies 502,655,8iL 0

Advances on deposits of at ds

bullion .......... ; ania 4,462,700 0 we 4,576,900 0 10,174,200 0

Do in branch banks........ 757,300 O w, 762,300 0 2,199,300 v

151,195,327 3i ... 149,902,449 9¢ 154,943,240 31 De in public securities ... Do by branch banks......... Do to the State (Conven-

tions, June 10, 1857, and March 29, 1878) ......---0+

Government stock reserve.. Do disposable esbedbsecsenceues

Rentes Immobilisées (Law of June 9, 1857).........++.

Hotel and furniture of the bank and landed pro pervy branches .........++

Expenses of management... Employ of the special re-

146,953,474 148,404,677 0 142,174,775 0

140,000,000 © 12,950,750 14 99,634,290 63

140,000,000 0 12,980,750 14 90,873,427 83

140,000,000 12,980,750 14

99,864,177 83

100,000,000 90 100,000,000 0 100,000,000 0

11,525,106 0 11,663,655 0 .. 11,641,986 90 ¥65,021 99

1,017,076 S2 see 712,358 75

11,997,444 16 11,997,444 16 11,997,444 16

BOT VE] . oc ccc cen cccscceenensereee parce ar —

Sundries eee reeecceeeseeens 63,202,496 vf *. 61,: 21s 3 70,759,073 61

es ns ciadeadvos 3,789,126,204 27... 3,775,488,564 11... 3,872,475, 59 GU

The above return, compared with that for the preceding

week, exhibits the following changes :—

INCREASF. francs. DECREASE. francs

Circulation ............++ . . 14,738,710 | Treasury account 9,961,538

DOPOSitS ........-cereeree ceeeeeseeens 14,132,382 | Casbd... crceccesowecerereereees .. 2,041,419

DiBSCOUNES «co cerceveee conercereescee 13,672,827

Money for discount has been excessively scarce during the

ast week, and ordinary bills have only been exceptionally taken

under the Bank rate. “To-day there are signs of relaxation, and

gome small parcels have found buyers at 2{ per cent. but this

is quite a minimum price. With this difference of 14 per cent.

between the outside markets in Paris and London, capital has

been called back here, and the offers of bills caused the exchange

to drop to 25f lic. Gold would have been taken from London

|

src rr rr t—

EE LT IEE NEI IO I

ey Oe, ee ; 4 :

‘ 7 '

foe A Rs Bt cc titan. Wie

876 for Paris had there been any on the ,

95f 15c does not leave a profit on gold taken at the Bank. A

= market; the rate of

little coin has gone into the circulation, the cash in to-day’s

return being composed as under :— July 17. francs.

1,040,697 ,398 1,013,019,140 ....— —_—

July 10. francs.

1,042,771,814 1,012,986,143

Total 2,053,7 16,538 2,055,757,957 _

In spite of adverse cireumstances —the prospect of war with

China, the incident arising out of the insult to the German flag,

and the spread of the cholera in the South—the Bourse has |

manifested a healthy tone during the week. Prices have im- |

proved all round, and buyers have not been deterred by the

To-day’s closing prices for the

eeeene seeeeeeeseee

temporary dearness of money. | leading securities were as follow :—

Par. July 17. July 10. f :~* f c f c

Three per Cents........ . 100.. T6774... 7630 + 0 475 Redeemable Threes ... 100... 78 30 ... 17 80 + 050

Four &-a-Half per Cuts. 100... 107 40 .. 106 925 + 0 475

DINE ccicoscecesssnnnsnwess 100... 93 40 9290 + 0 55

Austrian Gold 4 % ...... 100 .. 86 0 85 50 + O 50

Turkish Fives ............ 100... 8 5 777 + 0 27% Egyptian Unified ...... 500... 302 50 .. 29250 + 10 0

Bank of France Shares 1,000 ... 5,050 0 ... 9,000 0 + 50 0

Banque de Paris......... 500... 780 0 ... 75375 + 26 25

Crédit Foncier............ 500 ... 1,275 0 ... 1,268 75 + 6 25 Paris Gas Shares......... 250... 1505 0 ... 1500 0 + 5 O Suez Canal ............006 500 ... 1,912 50 ... 1,875 0 + 37 50 PEE. ssisncncenvenivave 500... 48375 ... 480 0 + 3 75 Northern Railway ...... 400 ... 1,655 0 ... 1,645 0 + 10 0 Western Railway ...... 500... 820 0... 817 50 + 2 50 Orleans Railway......... 500 ... 1,300 0 ... 1,299 0 + 10 0 Eastern Railway......... 500... 760 0 ... 75625 + 3 75 Lyons Railway ......... 500 ... 1,193 75... 1,187 50 + 6 25 Southern Railway ...... 500 ... 1,150 0 .,. 1,150 0 i South of Austrian Rail. 500... 308 75 305 0 + 375

The discussion of the Sugar Bill in the Chamber of Deputies continues, and after several sittings occupied with the general | debate, the Chamber commenced the examination of the articles

» ¥

*

“Xt

ge Dal

on Saturday. The first ar ic’e which raises the sugar duty from 40f to 50f per 100 kilos (2 ewts) was voted, but reluctantly, by a great number of the deputies. The Bill has been, in fact, completely modified since it passed through the committee, and by amendments now goes much further than was intended. It first simply proposed to change the mode of levying the duty, by charging it on the beetroot instead of on the juice, by which means from 25 to 30 millions of francs of the tax would be abandoned to the growers and manufacturers. The alternative of an increase in the differential duty on foreign sugar, estimated to produce 14 millions of francs, had been proposed, but the Chamber is now asked to vote both, so that the protection to the sugar industry will amount to 40 million francs instead of 25 millions. The article to increase the duty has been adopted,as well as that for levying the duty on the beetroot ; the Chamber will come to a decision to-day on the surtax. An amendment was also voted this week to reduce the duty on sugar employed for strengthening wines to 20f instead of 50f. The Minister of Finance opposed this proposal, because it would open a door to fraud, as there were no means of rendering the sugar unfit for other uses than for wine, and as the wines after being sweetened might be distilled and converted into alechol. The Chamber was not, hc wever, stopped by t’ ese considerations, and voted the amendment, froma belief that it would damage the trade of German distillers, who export alcohol to Spain and Italy for

| strengthening wine, which afterwards finds its way to France. With regard to the increase of 10 francs per 100 kilos, wh ch should produce 36 millions of francs, the consumption of sugar being 360,000 tons, the Minister of Finance admitted that he did not expect to receive more than 10 millions, and that the remainder would go into the pockets of the sugar manufacturers, The colonies are also to be protected by a rebate of 12 per cent. in the import duty for a so-called waste, not allowed on imports from other countries. As France produces 100,009 tons more sugar than she consumes—not 100 tons,as appeared in an article in the Trade Supplement of the Economist last week, owing to a misprint—colonial sugar is not wauted in France, unless for re-export after refining, and the effect of this rebate will be to give a bounty of 6£ 50c per 100 kilos on the sugar thus worked, as 100 kilos of sugar, rebate deducted, would pay only 43f 50c on unport into France, and when re-exported the fuil duty of 50f would be returned as a drawback. The French Government is evidently afraid that foreign countries having

Ministers, in the course of the diomtacion, roped seins , repeatedly explained a oe rene nee not bounties, an assurance intended for

% ~ VW ~ 7 as - racting Governments rather than for the French r. Article 4 of the treaty with Belgium stipulates that the drawback on export shall not exceed the duty previous] paid, and it will be difficult to persuade the Belgian Genin, ment that that condition has been respected. Another article

ECONOMIST. [July 19, 1884.

of the Bill will place colonial sugar in a favoured situation com. dared with foreign. At present all sugar may be imported pro- vided that it does not contain less than 65 per cent. of saccharine. The limit is to be raised to 80 degrees for foreign sugar, while the colonies will be permitted to import under the present conditions. Refiners prefer sugar of the lower standard, as they pay duty on 65 per cent. only, and get 35 per cent. of molasses free of duty, from which they extract from 20 to 30 per cent. of sugar. Sugar at 80 per cent. thus leaves a smaller margin for this indirect profit, and it is consequently expected that refiners will purchase the colonial sugar at 65 degrees rather than the foreign at 80. This is another form of an indirect bounty. With all these favours granted to French and colonial sugar, the first object of the new legislation has been quite lost sight of, which was to stimulate French growers and manufacturers to improve their systems of produc- tion and extraction, so as to compete with the Germans, Austrians, and Belgians.

A monetary crisis has prevailed during the last two months in Roumania, where gold has risen toa premium of 5 or 6 per cent. From an article on the subject in a financial journal of the country, it would seem that the difficulty is improperly attributed to an excess in the circulation of paper money, and an undue expansion of credit by the banks, whereas the real cause should be sought first in the balance of imports over exports, and next, in the large sum that has to be paid as interest on loans raised abroad. The taste for articles of luxury has developed rapidly in all classes, and the purchases of rich wear- ing apparel, wines, liqueurs, &c., have increased, while the exports of corn, the principal produce of the country, have diminished, from the competition of Russia and America. In the three years 1880 to 1882, the exports amounted to only 670 millions of francs, against 798 millions of imports, leaving a balance of 128 millions in the three years. The interest and sinking fund of the loans at the same time took a sum of 45 millions of francs annually, which has to be paid in gold. The wealthy inhabitants of Roumania travel much abroad, and this also causes a drain of coin, and as the balance of trade is against Roumania, the stock of gold in the country is not replenished, and continues to diminish.

Three leading members of the Extreme Left in the Chamber have presented a Bill, which, if adopted, would have the effect of confiscating a part of private fortunes to the State. It com- mences by limiting the right to inherit to relations within four degrees of kinship, instead of twelve, as at present. If there were no relatives within that limit, the property would revert to the State. That measure would, it is estimated, produce 75 millions of francs annually. They next propose to establish a progressive division of property, devolving on a single heir, on collaterals, husband or wife, or ascendants. On estates of 2,000f, the State would take one per cent., then up to 5,000f three per cent., to 10,000f five per cent., gradually increasing until the share of the State was 50 per cent. on estates above five millions of francs. A part of the proceeds would go to form a national insurance fund.

The Banque Centrale du Commerce has voted a reduction of its capital to 30 millions of francs by the cancelling of 10,000 shares. The Rente Fonciére is said to have in preparation a similar measure to reduce its capital one-half. Baron Hauss- mann, chairman, and a great part of the Board would retire.

The receipts of the Suez Canal in the first ten days of the month amounted to 1,760,000f, against 1,860,000f in the same period of 1883.

The weather for the last three weeks had been intensely hot, and favourable to harvest work, but rain has fallen heavily during the last twelve hours. Storms have been few, and the crops suffered little damage. Reaping is now general, and some of the new crop of oats and rye has appeared in the market. The quality is good, but the supplies are insufficient to give an idea of the probable course of prices. After the long drought, the rivers are low, and millers at a standstill, but the demands are small, Where there has been any change in market prices

in the week it has been in a downward direction. The wheat harvest will be general in the central region next week. The plant promises well, although there are complaints of it having ripened too early. The wheat harvest has terminated in the

Rhone district, and farmers are apparently satisfied.

The following is a return of the foreign trade of France in

the first six months of the last two years :—

Imports. 1884. 1883.

Francs. Francs. OR sr ps 703,908,000 ...... 764,957,000 Raw materials ............... 1,189,388,000 ...... 1,127,281,000 Manufactures ............... 318,333,000 ...... 351,763,000

TE NR 91,240,000 ...... 89,810,000

2,302,869,000 ...... 2,333,811,000 Re eae

£92,114,760 ...... £93,352,440

og 09 ps

| Joly “19; 18081

Exports. 1884. 1883.

Francs. Francs. Wi. (ci cckhartigddcameead 389,643,000 ...... 402, 105,000 Raw materials .......... 02+ 326,153,000 ...... 333,362,000 Manufactures ...........00+ 803,932,000 ...... 865,005,000 Siebte oy accecucecinseens 70,141,000 ...... 65,135,000

1,589,869,000 ...... 1,665,607 ,000

£63,594,760 ...... £66,624,280

GERMANY AND AUSTRIA. (FROM OUR OWN CORRESPONDENT.)

Vienna, July 14.

The two important acts which have been the result of the | German Reichstag’s last session—the Accidents Insurance Act

| for Workmen, and the new Joint Stock Companies’ Act—have | already been published by the official organ. Both are considered

| by all parties as decidedly progressive—especially the latter, | which is so great a success, that it will certainly be taken as a

|model for the forthcoming Austro-Hungarian reform. It

contains important changes of principle from the old law in force, and is a far safer protection of the public from the

dangers of speculation. The old law reposed on the mere

fiction that every joint stock company could be founded simply

| by the vote of an assembly of shareholders with equal rights. But in reality, the companies owed their existence to a small number of real founders, who enticed a large number of persons to subscribe. Of course, the statutes and conditions were the work of the founders, and the shareholders only approved them. The new law takes this state of things into

| serious consideration. The founders must legally disclose themselves as such, and are responsible for all their acts and statements. Joint stock companies will, in future, be founded in the following manner :—A syndicate of bankers or stockbrokers must become responsible for the whole capital from the first, and may then try to sell the shares to the public. | The shares must not be sold before two years have elapsed |from the date of the company’s foundation; emissions at | lower rate than at a par are prohibited. A second emission | of shares is never to take place before the first has been paid up. | The only exception to the rule are insurance companies. The | minority of shareholders are also protected by certain clauses, which prevent the majority from ruling too autocratically. The minority may at amy time demand that the books be audited, and can raise an action against directors and trustees, so that it need suffer no disadvantages. In the case of Joint Stock ‘“Commandit” companies, whose directors are subject to limited liability, the directors must provide one-tenth of the capital up to the amount of 6,000,000 marks, and the fiftieth part of any amount beyond this sum.

_ The Insurance Board is already constituted, and Privy Councillor Bédiker has been appointed President, and all factories bound by law to insure their workmen, have been called upon to send in their names. We are informed from Berne that the Federal Council is

taking into consideration the question of prolonging the Latin Money Convention. The National Assembly have discussed the advisability of Switzerland’s ceasing to belong to the Union, because it has many disadvantages for that country, and scarcely

ay advantages. Of fifty million francs in silver, not more than 12 millions are of Swiss coinage. The rest are French and Belgian, and a great quantity does not reach the standard value, as it has become worn in circulation.

The commissions of the German Imperial Federal Council have agreed that Bremen shall be included in the German frontier Ine, at the same time as Hamburg. Bremerhaven, and the large petroleum docks, will, however, remain outside the frontier. On the right shore of the Weser, a large space is jane outside the frontier line for docks, and all manufactures

‘suming raw material from foreign parts will be considered | 48 outside the Custom frontier line. ena = the tobacco monopoly in Austria and Hungary

2.060.400 poh 0 million florins during 1883, that is to say, whale ame — more than in 1882. About one-half of the dean cps 18 represented by home-made cigars. Foreign

“8 and cigarettes did not fetch more than 24 million florins. mo _duantity of tobacco manufactured during 1882 and 1883

tr a innate Reta Si nnn nent it Fa

so aeeeeemeereenenenenenenenene ene nee ee RS am, | |

1883. 1882. Number of Number of

H ; Pieces. Pieces. tome made clgars...... 1,179,242,786_...... 1,141,767,905

Giessen eae 4,962,938 4,542,689 igarettes ............... 207,154,180 ...... 122,690,545

Snuff Pounds. Pounds. Tobace. 4,280,006 ...... 4,381,070

WS i 47,307,220 ...... 47,842,942

(A — tn ate netting

7

_THE ECONOMIST. =, PUBLIC INCOME AND EXPENDITURE.

The following are the receipts on account of revenue between April 1, 1884, and July 12, 1884, as compared with the corresponding period of last year :—

REVENUE.

——————= | Estimate | April1l, | Aprill, ; Week | Week

Sen | 1884, to | 1883, to Ending | Ending | July 12, | July 14,/ July 12, } July 14,

| 1384-5. | 18d. | 1883. 1384. | 1883.

Balance on Ist April, 1884— | £ £ & & Bank of England ............ | “a | 4,259,916 | 5,757,523 oes } eee Bank of Ireland.............. \ fa | 1,372,653 | 1,185,207 | oe } Be

| 5,632,569 | 6,972,730 | i REVENUE. jp

III dincctactnwinantnanenacguens { 19,850,000, 5,394,000 | 5,431,000 417,000 | 413,000 Excise .| 26,778,060, 6,484,000 | 6,632,000 416,000 | 519,000 Stamps 11,490,000! 3,483,000 | 3,619,000 247,000 | 251,000 Land Tax and House Duty...! 2,935,000; 615 000 675,000 5,000 | 15,000 Property and Income Tax ...} 10,050,000; 2,550,000 | 2,926,000 140,000 | 178,000 0 eee | 7,900,000! 2,250,000 { 2,340,000 600,000 } 490,000 Telegraph Servic case 1,800,000! 440,000 ; 515,000 nil |} 80,000 Crown Lands ...............60006 | 380,000} 80,000} 80,000 nil | nil Interest on Advances for! | |

Local Works and_ on} Purchase Money of Suez } | } Canal Shares ...............| 1,180,000} 343,773 | 453,383; nil | nil

Miscellaneous .............0.00000+ | 3,170,000, 1,033,837 | 1,522,245} 26,451 } 320

ROTO occas: ccccescceers 85,533 000 22,751,610 24,243,628 | 1,912,451 | 1,946,320 [neem] ——

Total, including Balance ...,..'23,384,179 (31,216,358 | | | |

OTHER RECEIPTS. Advances, under various Acts,

to the Exchequer ..............

Totals

repaid) | |

ad 452,943 | 604,514

The expenditure during the same period amounted to

25,666,2672, as compared with 28,189,415/ in the corre-

sponding period of last year, the issues during the week

being 4,827,1082.

During the week the cash balances have decreased in the

Bank of England and increased in the Bank of Ireland, as

follows :— Bank Bank

of England. of Ireland. Total. £ £ £

Balances on July 5......... 1,216,150 .. 700,862... 1,917,012

Balances on July 12..... .. 1,060,686 ... 707,169 ... 1,769,855

IIE oi icccctacenasiece ee 6,307 149,157

BIOCUGMRG iv cc sicascccvivns 155,464 =

TO READERS AND CORRESPONDENTS.

The Editor of the Economist cannot undertake to return rejected

communications.

Communications must be authenticated by the name of the writers

The Gasette.

BANK RETURNS AND MONEY MARKET,

BANK OF ENGLAND.

7 ric . 32, for Account pursuant to the Act 7th and 8th Victoria, cap 32,

e the Week ending on Wednesday, the 16th July, 1554,

ISSUE DEPARTMENT.

Bankers’

£ ! £

i ceceeseseee 239,444,685 ) Government debt .. 11,015,100

oni, | Other securities ..... . 4,734,900

| Gold coin & bullion... is

| Silver bullion ....... .. 23,694,685 eee

39,444,685 | 39,444,685

BANKING DEPARTMENT.

£ | ‘ £

i ’ capi . 14,553,000 |Government securi- a

a .. capitan UG341029 | Hee sssvesceseesecsee 18,579,571 Public dep sits, in- | Other securities ..... ep ang

cluding Exchequer, | Notes........ sseesensees - 13,430,495

Savings’ Banks, |Gold and silver coin 17

Commissioners of

National Debt, and -

dividend accounts.. 5,153,481 |

Other deposits......... é.

Susemteg end other 26,870,198 |

BENS cecccscccccccesoce 221,200

50,138,908 50,138,908

FRANK MAY, Chief Cashier. Dated July 17, 1884.

POMS Aue iat

aA

OIE a a iy

tt nnrnesione-emeh tee

878

THE OLD FORM.

The above Bank accounts would if made out in the old form present the following results :—

LIABILITIES, ASSETS, &

Circulation (including Bank BOGUT onccoc cen covcssseseseseress 87, 2E,240 SED MIED sbnsscssseadsossevessun 26,235,390 | Coin and bullion..........+ss0++ . 24,574,858

Public deposits ..............+ ° 5,153,481 Private deposits.............++ .. 26,870,198

58,259,069 ; 61,600,098

The balance of Assets above Liabilities being 3,341,0291, as stated in the above account under the head Rxst.

NIGHT.

The preceding accounts compared with those of last week exhibit :—

FRIDAY

Increase. Decrease. Fs £

Circulation (excluding Bank post bills) ..........s0000 ” iss ines . ae

Public deposits........... sevtnistavscbileinsbodtedeeisebasencnnenu ° eu “cui Tae Other Gepowits .......0...srcccsscsscccnessscscssocccsscsccscessesess «swe en nwt cnn 189,355 GovernMent Securities .......0..cccecseessccoseve sovcssscecene as

SON DROMTUEIDD acs ovecisccdasscsensccesvontetsnvesssctessshcesoces 933,399

MIOUD -. sccussabosceacnannsoesssnde sdesnsebhodvantoxensosonsecedssapens di Aivei wei » 126,483 RE ee ssc ebenbiis aadbiachenksterespisiesGunsteeuhuie DED Msewinconet os

ONE GO -aiiscss cciessevedeccs voccsudnsciveasanedectactetueabennitenan w BE DSE cevicccsces

The following shows the amount of the Circulation, Bullion in both departments, Banking Deposits, Banking Securities, Reserve, and Rate of Discount, for three months ending July 16, 1884:— ———___—_—_—__—_—— fanbatalicsit ——_—_——__———

rr | | Es |, Gold \Circulati’n | Securities! gels

Coin and | Abeced. (excludng in jae 3 Date. _ | Abroad’, OF 'Bank Post| Deposits. | Banking | Reserve. |, -4|

Bullion. | outfor | ; os 5 |e

| Export. Bills). Depart- | |° F

ST alice aed ll io eee a ? ye £ ape ME Ks

Apr. 9} 25,045,648) 384,000 in, 25,709,030) 32,749,133 35,505,010 15,086,618; 44} 2) 16} 25,136,342} 321,000 in 25,513,320) 32,023,457, 34,468,509) 15,373,022) ast dnt

23 25,327,730)

80} 25,325,902) 110,000 in 147,000 in

25,300,400) 31,982,554 34,048,153) 15,777,330) 473|— 25,750,225) 31,429,684 33,918,165) 15,325,617)

May 7] 25,325,961) 266,000 in 25,886,820) 31,485,323 34,112,639 15,189,141) 483'— 14} 24,953,899; 243,000 in) 25,628,845) 31,243,978 33,986,612 16,075,054) 48 |— 21| 25,034,142 5,000 in| 25,423,575) 31,688,746 34,169,441 15,360,567) 48 |— 28} 25,138,966] 52,000 in| 25,336,950) 32,166,894 34,452,303) 15,552,016 48}/—

230,000 out 41,000 in

185,000 out

66,000 out

14,583,758) 48 |— 15,348,966) 46} — 15,866,537) 462 2

June 4} 24,507,463 1}} 24,886,531

18} 25,152,627 25) 25,441,225

25,075,683 9} 24,701,341

16° 24,574,858

25,673,705] 31,028,320 34,239,490' 25,287,565) 32,582,349 35,022,814 25,036,090) 33,656,970 35,593,101 25,315,320 33,679,201 35,604,729 15,875,895, 463'—

234,000 out) 26,468,895 33,575,879 37,126,187 14,356,788) 463 — 305,000 out! 26,225,605 32,927,199 36,761,639) 14,225,736) 43 |—

20,000 out) 26,014,190 32,023,679 35,528,210 14,310,668 448 —

to July

The following is the official return of the cheques and bills cleared at the London Bankers’ Clearing House :—

1884, 1884. 1883,

£ | { £ | { £ Thursday ........ July 10 | 15,871,000 | July 3 | 21,837,000 July 12} 16,289,000 Friday ............ » IL | *40,339,000! ,, 4 | 21,397,000 | ,, 13 | 45,150,000 Saturday ......... » 12) 18,806,000 | 5] 19,371,000! ” 34/ 19'206,000 Monday i» 56 18,360,000 | ,, 7 | 20,401,000 ,, 16 17,145,000 Tuesday » 15 17,175,000; , 8] 16,567,000| , 171 17,389,000 Wednesday .....; ,, 16 | 15,854,000| , 9) 14,614,000{ , 18 17,736,000

Total ......... | 126,407,000 | | 114,237,000 132,735,000

* Half-Monthly Settling-day. + Monthly Consols Settling -day.

The following is the Manchester Bankers’ Clearing :—

July 12, July 5, July 14, 1884. 1884, 1883.

£ £ Manchester (weeks ended) 2.057 482 2,892,025 2,347,050

Subjoined is our usual table, affording a comparative view of the Bank Returns, the Bank Rate of Discount the Price of Consols, the Price of Wheat, and the Leading Exchanges during a period of four years correspondin with the present date, as well as ten years back, viz. :— .

} aie ee i ai | At corresponding dates) July 15, | r 2 , lv 18 with the count week, 1874. ; —" = a 18, | uae

Circulation (excluding £ £ | = iS Bank post bills). eta 27,214,155 27,231,255 ones 245 26 _ ner } aii :

Public deposits .....,......] 3,825,205 | 4,657,586 | 3.456.681 “4.473 985 “BBs ee Other deposits ............) 19,929,496 | 28,477,911 | 28'035,738 23°83 1393 } on 53,451

Government securities..| 14,225,691 | 15,885,333 14.349.471 11.465 643 aves 186 Other securities ...... «| 17,024,3-2 | 20,292,005 | 22°570'394 29'632'913 1S, 7O6TL Reserve of notes & coin) 10,833,624 | 15,115,431 | 12:771,863 | 11'8)2694 | ryt pi Coin and bullion ........ 23,047,779 | 26,596,686 23,665,108 22159, + nee

oe of reserve! af Sireene AE 1OU ASD | 24,574,858 to liabilities ............ | 47g 5} 9

Bank rate of discount... Qs “ot 9 4 % 415 2 | 445 % Price of Consols ........ |} 923 | you | 100° - fe |: Average price of wheat} 603 9d | 463 2d | 485 5d io i oie he Exchange on Paris (sht); 25 15 25

— Amsterdam (sht)) 11 174 18 i12 16 2 9 91 ¢ PR ener women ee 20 i | 20 :, * 20 64 63 | e 3 33 S at

g-house return.../111,837 7,42 5.197.000 1182787 ono |1> = | 37,000 (147,424,000 135,427,000 132,735,000 126,407,000

25 20 25 | 25 12h 175 25 27h 324125 15 12 ie a 7k 324/25 15 20

The amount of the “other deposits,” i Ad posits,” compared with the * other securities,” showed in 1874 ae ssiideciont 2,905,1742; in 1881, an excess of 8,185,9067; in 1882, an ae

THE ECONOMIST. [July 19, 1884.

excess of 5,465,3447; in 1883, an excess of 1,197,480/, In 1884, there is an excess of 4,621,529.

In 1881, best bills were placed at 14 per cent., and the discount houses put down their deposit allowances to | and 1} per cent. A small amount in gold was taken from the Bank on account of the Indian loan.

In 1882, the money market was extremely easy, best paper being taken below 2 per cent., and money being offered at 1. ‘The stock markets were firmer, but the foreign exchanges receded. There was an increase exceed- ing 300,000/ in the Bank reserve.

In 1883, the supply of money was short, and rates for best paper were practically on a level with the Bank of

England minimum. Best bills were 3% to 4 per cent., and

a considerable advance in the Bank rate was anticipated in the autumn.

The following are the principal items in the accounts of the undermentioned continental and American banks for the latest week published compared with the previous

statement.

BANK OF FRANCE,

~y July 17. | July 10. / Increase. [Decrease & ASSETS £ & £

ID sis sais sdeigincs vid entseenesasesooenssoenes 82,188,000 | 82,230,000 , | 42.000 Government securities.............00.0066 14,104,000 | 14,104,000 a | ‘ Private SOCUFItICS .........ccccccscssoreceses 51,778,000 | 51,246,000 632,000

LIABILITIES. { WROD O ge isss de 08) 0s iiasingn 9004095 4k600 ce -pondesns 117,955,000 {117,366,000 589,000 | Government deposits .......cccececeeeeees 5,510,000 5,902,000 | a | $92,000 PU END vec inccbscniccacaases cstaobars 15,646,000 | 15,081,000 | 165,000

NETHERLANDS BANK.

July 12, July 6. ; Increase. | Decrease, ASsRTS. | £ £ & i z

Coin and bullion—Gold ............00000s| 8,624,000 | 3,626,000 di | 2,000 — BVO? Srisiseseseseress | 7,838,000 7,361,000 ete ee

Discount and advances............seseeeees | 6,665,000 | 6,756,000 9,060 | LIABILITIES.

Notes in circulation ............cccceseeeeee 16,304,000 | 16,116,000 | 188,000 ; SONI 95h 0s causes canntansavonceseenss sfenane | 460,000 | 754,000 | 294,000

CANADIAN CHARTERED BANKS.

May 31. | April30. ; Increase. ; Decrease ASSETS. £ £ & t

Cash and Dominion notes | 3,542,000 | 8,806,000 soe | 264,000 Discounts Current .............cccccseseesens | 26,213,000 | 26,161,000 52,000 |

LIABILITIES, Notes in circulation ..........s+ee.| 5,690,000 | 5,848,000 | a 1£ 8,000 Deposits .....cccccessseseececserereceeseecerseet 19,105,000 | 19,307,000 202.900

NATIONAL BANK OF BELGIUM.

| July 10,1; June 26. ; Increase. | Decrease. ASSETS. } & } : i £

SNe INE BATEIOR 5 icccccnsccsiescesbncctsces | 8,771,000 | 8,764,000 7,000 a EOE AG GRIOUTIES 60. .005ccaccseccccventacscdees | 8,073,000 | 8,172,000 | 99,000 PRON AO sdividicctrcrbine 3,099,000 | 3,139,000 | 39,000

LIABILITIES. RII ep odcvesnchssepscenencaranctevins ves 18,478,000 } 18,260,000 213,000 ws BRIE inn sci ash cass cpbccecedte yedechabelive 2,526,000 | 2,913,000 w. | 887,000

NEW YORK ASSOCIATED BANKS.

July 12. June 23. jIncrease. |Decrease. ASSETS. & £ £ &

Specie sssssosssssessssesssesssescsesesse| 13,720,000 | 11,160,000 } 2,560,000 | , Loans and discounts ........csesseecereeeees | 57,960,000 68,700,000 | . | 740,000 TOEL CHRNOES sn sscscccectserkarcieseeoncens | 6,020,002 | 5,760,000 | 260,000 |

LIABILITIES, i Circulation 2,900,603 2,880,000 20,000 | Net deposits 59,920,000 | 57,240,000 | 2,680,000_ RESERVE (Specie and Legal Tenders). ' Legal reserve against deposits ......... 14,980,000 | 14,310,000 | 670,000 |

_[*deficiency.| 4,760,000 2,610,000 | 2,150,000 | Converting the reichs mark at 1s; the Austrian florin at 2s; the Dutch florin

at 1s 8d; and the franc and peseta at 25 per 1/, American currency is reduced into English money at 4s per dollar.

Actual excess ..... .....

Discount aND Money Marxet.—There was a fall in the

discount rates last week to a point which, with the foreign ex-

changes against us, and with the markets of Europe con:ider-

ably above ours, was hazardously low, even in stagnant times

like these. The consequence is, that the Paris exchange

has now receded under the increased demand for bills on

Paris until gold arrivals on this market are secured for that

quarter, and a small further drop would render withdrawals

from the Bank probable. It is not unnatural, therefore, to

find our discount market retracing the downward move-

ment recorded last week, and that the terms current are

now quite up to the level of a fortnight ago. But even at

1}, it must be recognised that rates are very low, and still

offer considerable temptation to continental houses to unload bills here. Day-to-day money is as much a drug as ever.

The features of the Bank ‘return are not very striking. The “other securities” have run off to the extent of nearly

1,000,000/, but are still above what they were in the last

return for June. The deposits are also reduced about 4

like amount, and the result is, that the banking reserve is

almost unaltered. The note circulation is rather ove?

200,000/ less, while the item of coin and bullion stands at

an increase of more than one-half that sum.

tog 209 ops

July 19, 1884. ] ———_—$ $$$

—_—

THE ECONOMIST.

Silver is worth 503d per oz, or the same as last week, the | perhaps, the best feature of the week. New 2} per Cents.

879

rice not being further influenced by the fall in the value | have met with many buyers. of money in India, On Wednesday, about 6 lacs of India

| above ls 74d per rupee, and 22 lacs of telegraphic transfers

at 1s 7;%d, the transfers showing an advance of yd upon

last week’s minimum. ;

The prospectus of the New Oriental Bank Corporation,

| Limited, will, we understand, appear immediately. The

capital will be 2,000,000/, with a first issue, however, of

1,000,000/, in 107 shares. The direction will be entirely

distinct from that of the old Oriental Bank Corporation,

though including some well-known names, and arrange- {| ments are proposed for the establishment of local boards

where the business is carried on. We subjoin our usual discount quotations for paper

having various periods to run, and a comparison with | previous weeks.

f 2: | { ise Bank Bills, Trade Bills.

£3 8 Montha.|4 Months.}6 Months.|3 Months. 4 Mostha./6 Months.

cee aw a % . % %

April 10...) 13 2}) 2 2 8 2} a | 2 me iB | 143] 1 1 2 of of | 2 st

S1f 7 % 1 1} 2 2} | & 8 May 2..:1 | 15 § 1 1} 2 2) | 3

AS 18 3 13 2 22% | % 8 16” if r 2 13a 22 23 | 3 8 3.14 | 2 2 3 Sst Ss | 2 9...) 14%) le 2 2 2 i 2 | 2 8

June 6...) 1} 2 2h 2 2 | & 13...) 1 2} | 7 2 2 2 i | 28 8

20...| i 1 1 48 132 2 | 2)3 27.4 32 | if 1 1} 2 23 | -

|Juy 4/1 | 1 1 1h 2 1g 2h | 8 wie tie 1 i} 2 Y 2 | 98 28 18...) 4 1} ly 42 | 1923 | “Bs

The current allowances fer deposits at call and notice }are given below :— | Private and joint stock banks at notice ............. ~ 1 per cent. Discount houses at call ......., jManelitediestivenationme - per cent.

— seven days’ NOICE ............0rceceee 2 per cent. _ fourteen days’ notice .,...........0+++8 # per cent.

On Thursday, the Bank of Bengal further reduced their discount minimum from 5 to 4 per cent. It was put down to 5 per cent. om June 26.

_ The discount quotations current in the chief continental cities are as under, there being more firmness in Paris.

Bank Open | Bank a Rate, Market. | = ns Ae

: Ke % /e * Paris ........ 3 Feb. 22,83] 23 | Brussels esses 8 Mar.15,'84] 23 Berlin ......., . 4Jan. 19,83} 25 | Madrid ...... 5 May 15,’83] 5 Frankfort ... ... .. 28 | Vienna ...... 4 Feb. 22,83] 38 Hamburg ... ... ... 24 | St Petersbrg. 6 Oct. 79] 6 Amsterdam... 3 Mayl4, 84] 2? | Copenhagen 4 nn

At other centres the latest recorded quotations are :—

% Discounts. Overdrafts New York (call money) 1 2 | Melbourne...... 7 ....-. 9 Ditto (endorsed bills)... 5 6 Sydney ......... o Sdeece 9 Calcutta, bank min.(Jly. 17)4 Adelaide ...... 7to 8...... 9 10 Bombay, bank min.( Jly. 9)5 | Montreal ...... 7(eallmoney 4 5

Money in New York during the week has continued very quiet.

The following are the standards for gold points of the four principal gold exchanges :— f French. m German. $

aa Pp. mille for ug | 20.52—5 per mille for uo | 4.89 —5 per mille for us 5.22h—Par, 20.43—Par. 4.867—Par. 25.1 Pp. mille agnst us | 20.33—5 p. mille agnst. us. | 4.827—8 p. mille agnst us.

; Australian—102/ — for us. . The exchanges were yesterday :—

French short exchange f 25.15}, or 3 per mille agst us, German short exchange m 20.43, or par. New York exchange

at 60 days is ...... $4,833. At 2 7 interest, short $4.85, or 3} per mille against us.

Tae Stock Markets,—A very distinct rise in prices has shown itself in the Stock Exchange this week; and the cheapness of money and the low range of prices recently attained have both operated to cause investments, and to give strength to the markets, Then again, the bank meet- ings aave been less discouraging than holders looked for, and the railway reports alread y issued, and the Great Eastern cwidend announced to-day, have been well received. The Fg and Canadian railroad markets have quieted, but this has also involved a recovery in prices; and while the ‘provement isgeneral, the movement in Home 1a lways is,

American.

British Government Securities.—The improvement in Council bills were allotted by the Bank of England at and | the Home Funds continued in the early part of the week,

and New 24 per Cents. have advanced as muchas $. India Sterling Stocks are also higher, as well as Corporation Stocks,

CC Los iN@ Ricks. —————-—_—_.. Move- | Last ; i To- |ment of Fri. | Sat. | Mon. | Tues. | Wed. | Thur. day. | Week.

f 1003 j 100, @ oa $1008 §100$ § 100) Ditto Account ..... 100h §100; § 1008 $10: (1005 81004

Reduced $ % ............ LOUg 9/1004 31003 1101 2101 3101 3} New 3 % 100$ $1008 #1003 1102 $101 a10l 341 WTI De cuccinaclhiaciiame 925 § 92 § 924 § 92} 4) 92§ 8 92§ 2923 Exchegq. Bills,June,2% 3/ 8/p3/ S8/p 3/ S8/p 3/ S/p3/ 3/p3; Bank Stock (last divi-

dend 10 %)......... 3 India 4 %, redeem. at

par, October, 1888 103 4 103 $103} 4103} 4]/103943) + 3 Do 44 % Rupee Paper 834 3 83} 2) 83 3 834 3) S8R HR... Metropolitan Board of \

Werks 34 % Con.109§10:110 3110 $110 31103 2110} GiLloge+qe 3

Consols for Money ...

8 305

Pst 8305 8305 8305

1033

Se

Home Rainways.—The one exception to the general advance is Manchester, Sheffield, and Lincolnshire, which is down upon the Penistone accident, following upon an adverse dividend announcement. Otherwise, there has been considerable buoyancy, and the Great Eastern dividend announcement to-day (? per cent.,as compared with “nil”) caused an immediate bound in that stock, and favourably in- fluenced the market all round. The Brighton and Metro- politan reports have attracted some not unfavourable com- ment.

The following are the principal changes for the week in the quotations of Ordinary Stocks comparing the latest unoflicial prices :—

Closing prices Closing prices Ine, iast week. thisday. or Dec,

IR aati acnbinsiiiisienietanidtinaansciin 95 } 973 8} + 2 UIE PNIINIID 1 dicchcnenccankasdiepersecenamnets 603 § 653 64 + 5¢ Ne EIT i isccanencennannyantetibaente 110} 11} lll 12 + $ FO Mh ecu dnitshs bekscésunsbiincietinetitenete 1014 2 + 2

SNR WU II i iescinsenseneceiansvccatebecnente 1384 9 + 3 Lancashire and Yorkshire..................+ 113 14 + 4 London and Brighton................0ceeceesse u3 15 + 2 BN acct cnaite casi 923 3 + 2

London, Chatham, and Dover .............+ 144 $ + } Ditto Arbitration Preference ............ 97} 8} + lh

London and North-Western...............+« 166 3 + 2} London and South-Western.................. 129 30 + i Manchester, Sheffield, and Lincolnshire 764 7} — 2 Fe ERIN oc srnccccctnsenececdiiecinbune 377 8 — li

II icc caavirtanisinnshananacticianats saith Re ks... : semen 1164 17 + 2 Metropolitan District...............ccccsceseses 5S 3 €0 4 + 2

tail i exinsgnatisksanciinicciaideaseandie EO denveseee 134 i + if PIII «ni nsisccenesuntarentbiennate ee. + ‘aaiedded 884 9 + 3} Te gets ane ee ecaecinnnnal ee). caleceaties 974 + 23 North-Eastern—Consols... ...............00s008 oe 1635 % -~ 4: RID: cnnnacinstuidianeyg iemaguienens 120 2 123 5 + 3 SI GINIIEE Sclécccecciscchcocgchenccmcen. ep SOE OM Sihendane 1034 ? + 4} TO iiitiicbitesininnisantdntinshetiiedesta 99 3 280 5 + 8

ForeiGN GovERNMENT SEcuRITIES.—Here also thereh as been improvement. European stocks have met with a fair amount of inquiry, and amongst them even Egyptian and Turkish have rallied. The annual report of the Council of Administration of the Ottoman Public Debt has been well received, it estimating that there will be an increased yield in 1884-5. The reported opposition to the British proposals made to the Conference on Egyptian finances continues to attract attention. The Council of Foreign Bondholders has addressed a lengthy communication to Lord Grenville and Mr Childers upon this subject.

The following are the changes for the week, taking the latest unoflicial quotations : —

Closing Prices Closing Prices Ine. Last Week. this Day. or Dec.

Argentine 6 %, 1868........-sssssccscseeseeseenes SR Ie. ctkowan 100 2 + 1

Ditto 6% Public Works, 1871 vacte ON TOB: — .- cdcsctons 98 100 ae? ue

Austrian 5% Silver Rentes, lessincometax 66} 74 eiveneans 664 7h wi

Ditto 4 % Gold Rented ..............seeeee 845 5} siaeaeaiia 855 6} + 1

Brazilian 5 %, 1865 ......ccccccccsees cee cvees BOF TH snreeeee 98 9 +

OE i ET, 974 84 + i

IN ie OUI oc oi 0 secamee chitasinsincmeel 954 64 96 9 + Buenos Ayres 6 %, 1873 ....0...ccecseeeneeerees 954 63 954 6} as

Chilian 5 %, ROPE cnndas tvnaweee ee 965 74 964 7s ee =

Costa Rica 7 %, USTZ..........ccesrccccerccecevees 134 14} 135 144 far ae

Danubian Principalities 8Z, 1867 ........ 100 $ 103 8 alt cake

Egyptian Darieh Sanieh.............000+eeee 58 584 9 + i

Ditto 4 % Unified Debt Stock .......... 5349 59% § +

Ditto 5% Preference Stock ....... c+ S2h FF —cecccceee 535 4 + 2

Ditto 5 {4 State Domains Mortgage ... 32% 3 82 3t + ¢

Entre Rios 7 %, 1872 ....c.cecceceerceerecesees 95 101 ncoudins 100 3 + 2

French 44 %, Pe ade ice eneeinennentinaennaees | i L063 i + 3

Hungarian 5 %, 1873 .......cccceeeecescereneeee 95 GB seneeeees 95 6 ae aes

Ditto 4 L% Gold Rentes ..,.....cceeceeeeeeee 743 5} 74} at 9

Italian 5 “, 1861 (less income tax) ......... 92 2. itewueed 923 8 + }

Japanese 7%, USTS. .....cceesecceeeeeneeceeeneeee Wie? diene 109 7 s

Mextoan 8°7, ...cccccseccccscccccsccrccscrsecessaves 223 223 3 + +

Norwegian 44 %, 1876 .......cccccceeeee cecreene LOLG 2h nee eeeeee 1014 24 Soe Seca

Paraguay 8 4, LST2 .....cceccecesecererereeoneres ey 9% idiot 3} 94 ee ie

Peruvian 6% 1870 ..... oe BSS TE __nevescees 123 13 pe oe

Ditto Consolidated 5 %, 1872 at 9 Agietets 94 2 = }

Portuguese 3 *% Bonds, 1353, &c... 483 § asd ot +

Prussian 4 % Consols ......... +... « lv} lh 100} if ves see

Gard 57, USZZ ....0..cerereresererncersosere eee 89 91 90 2 + 1

TRSOT %, BOOM. sin cncerpetiesssnsnscen.cnevesees; SBR: ! 1s 90} 3 + ¢

J nn encima encanta anette case neem

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880 Closing prices _—Inc. Closing prices

As this day. or Dec, last week.

DUGG 7, TD ssicncccccasecsrminnn Se ? +

Ditto 5 %, 1871 .......ccceceeeercorenncerennoes 2 -

Ditto 5 %, 1872.. oe } +

Ditto 6 %. 1873 ..... 893 90 +

Ditto 44 %, 1875 ..... eek orcsore SS & +

Ditto Anglo-Dutch, 5 %, 1864 and 1866 95 i eee eee Ditto 4 % Nicolai Railway Bonds......... 805 1 + 1

Santa Fé 6 %, 1888 ..........ccceeeeee 86 8 pies aca

Spanish New 4 % .......0cesseeseereseenser serene 574 # + #$

Ditto 5 %, 1870 (Quicksilver Mortgage) 1005 1) +

II Oe isicvcesendece peskndinsbancermervramerne 444 pion ane Turkish, 1854 (5 % Egyptian Tribute) ... 85 7 + 1

NU OTE |. snencsesguenpminniannel 68 4 a i Ditto 5 %, Ottoman Defence, 1877...... 78 3 —

Ditto 6 %, 1858 (Registered)...........00 26} 74 > 1 SGT Oe ED hascmewe 264 7h 4 3 Ditto 5 %, 1863(General Debt)Stamped 7§ } + *

Ditto 6 %, 1865 (Stamped)............ser00 94 103 + §

Ditto 6 %, 1869 (Stamped)............s00008 si + 3

Ditto 6 %, 1873 (Stamped).............0000 33 8 + i

Ditto 9 5, Treasury B and C (Reg.)...... 154 164 + 1 United States 44 % (par 102}) ..........000. L14h 15 ane Rae Dibho € % Coat 10BB) ..ccevcccccocmscosssvvene Bae &

Uruguay 5 % Unified ......cccsscscssceseereee 555 6h ee re il. sadatas ee

Virginia 6 % Funded ........... 37 9 - 87 9 tient

The traffic receipts on seventeen principal railways of the United Kingdom, of which a list is subjoined, amounted

for the week ending July 13 to 1,193,995/, being a

decrease of 49,119/, on the corresponding week of last year.

RAILWAY TRAFFIC RECEIPTS. Aggregate Receipts of

Week's Receipts. Half-year to date.t

Inc. or Dec. on Inc. or Dec. on Correspond Correspond-

ing Week ing Period Amount. _ip 1883. Amount. in 1883.

£ £ £ £ Great Eastern..........c.sosee0e 67,213 + 1,317 135,475 + 511 Great Northern ..........+.s000 71,231 — 1,429 140,267 — 1,821 Great Western a aiaiiil . 155614 — 2,681 309,719 — 8,311 Lancashire and Yorkshire... 74,553 — 1,658 147,543 — 1,209 London and Brighton .......... 43,230 — 632 89,852 — 293 London, Chatham,and Dover 27,276 + 348 54,208 + 604 London and North-Western 201,519 — 2,988 405,910 — 2,911 London and South-Western 54,930 — 3,445 1:1,353 + 28 {Manchester,Sheff.,&Lincln. 41,631 — _ eee 82,842 + 363 Metropolitan ...........c.0eese0 13,288 + ROD. winteeoen 24,017 + 143 Metropolitan District ......... 8,106 + Aan ecauetaba 16,147 + 415 DUNNE. akcctussdeeckcossnnsanhbont TSBZZ — BTAS rrcrcccee 270,240 — 14,173 North-Eastern ................. 123,716 — 11,391 248,009 — 19,494 South- Eastern.............0scereee 41584 — 1444 ., 73,502 — 9,987 ON ren 60,845 — 7,022 1,332,140 — 38,759 *Glasgow and South-Western 22512 — 5,112 ......... 610,274 — 16,852 *North British .........0... 53535 — 8,690 ......... 1,200,463 — ‘608

1,193,995 — 49,119

* In these cases the aggregate is calculated from the beginning of A + We give the agyrexate as published. - sisi

CoLoniaL Rattways.—Canadian-Pacific and Grand Trunk Stocks have risen this week, although the traffic return of the latter company was worse than had been anticipated. Operators have, however, been purchasing raainly to close accounts for the fall. Indian lines continue firm.

ForeEIGN RatLways.—Movements have continued to be of a favourable character. Brazilian Imperial Central Bahia Shares have risen }, Buenos Ayres Great Southern and Buenos Ayres and Rosario each 4, Central Argentine ae : 3, Lima }, mane and Rio 1, Recife and San Francisco 1, South Austrian §, and Varna }. The Obligations are firm in sympathy.

Closing Prices Closing Pri BritIsh POSsEssioNs. Last Week. this — aes

Bombay and Baroda ...............sssessesese 149 51 ona a Canadian-Pacific........ ..ssesesesecersersecees 45} 3 a iar i sins Grand Trunk of Canada .......ccsecceneee OF F i: Sa 93 10 + '

Ditto Third Preference...................0. 244 51 yig6i 951 B tT Great Indian Peninsula .................000. 141 8 142 44 4 i: Madras 6 % .....csssscesee. ee 127 29 -

AMERICAN Rartroap Securities.—These securities close stronger, New York advices being better, owing to the satisfactory dividend announcement of the Illinois Central and to favourable rumours concerning the dividends of other “ substantial” lines. On balance, however, the week’s movements have been unimportant. Chicago Milwaukee Common has risen 3, Cleveland and Pittsburg 1, Denver and Rio Common 1, and Ist Mortgage 2, Hlinois Central Shares 23, New York Central Shares 4, New York Lake Erie i a site Ontario, and Western 4, and Pennsyl- vania 4. ake Shore ; d W: i 6 hd ascend are 14 down, and Wabash Ordinary

CoLoniaL GOVERNMENT DEBENTURES.—Thes generally improved, all the Australasian 4 sddivet Sateen being about 4 higher, while Canadian and Natal 4 er t Inscribed Stock have advanced 1. ore Banks.—The meetings of proprietors have passed off well, and prices are generally enhanced. Agra Shares are } higher, Bank of Australasia 1, Bank of New Zealand 1

Chartered Mercantile, English of Rio, Imperial] Ottoman, London and Westminster, London Joint Stock, Queens-

THE ECONOMIST. land National, and Union of London all 4, London and County 2, National Provineial 1, and Standard of South Africa 1.

and St Katharine Docks have fallen 1 and 2 respectively, but Millwall are 14 higher. proved 3.

way 2, but Foster, Porter have improved }, and Improved

[July 19, 1884,

CANALS AND Docxs.—East and West India, and London

Suez Canal Shares have im-

CommerctaL, Ixpustr1aL.—Crystal Palace A has given

Industrial Dwellings 1.

Financrat, Lanp, &c.—Australian Agricultural are 2 higher, Canadian Company 1, National Discount j, Peel

River 1}, and United States Mortgage 2.

Gas.—Gas Light and Coke A, and Imperial Continental, have each risen 6. |

Mixes.—Cape Copper Shares are 1 down, and St John | Del Rey 5; but Mason and Barry are § higher, and Rio | Tinto Shares }.

Surppinc.— Peninsular and Oriental have improved 1. TeLecrarus.—Anglo-American Ordinary is 1 down, but |

Direct United States have advanced }, Globe }, and Sub- marine 5.

Warterworks.—The only movements have been in Grand Junction and Kent, which are respectively 2and 5 higher. | Butiion.—The following is taken from the circular of Messrs

Pixley and Abell, dated July 17 :— Gold continues in good demand in India and Spain. The Bank,

since our last, has sold 20,000/ small bars for India. The Iberia brought 8,100/ from Australia ; the Para, 9,000/ from West Indies ; the Tagus, 30,000/ from South America; the Ville de St Nazaire, 4,000/ from South America. The La Plata took 105,000 sovereigns to the River Plate ; the Nepaul, 15,000/ bar gold to Bombay ; and the Rome, 10,000/ bar gold to Calcutta.

Silver has improved since our last to 5013d, at which price arrivals | per Rubens and Hogarth were placed. The Para breught 7,000! | from West Indies; the Republic, 26,000/ from New York; the | Hogarth, 34,800/ from River Plate ; the Rubens, 2,300/ from River Plate. The Nepaul took 45,000/ to Bombay, 45,0001 to Calcutta, and 31,0001 to Colombo.

Mexican dollars, owing to the small amount brought by the French | steamer, rose to 504d ; those arriving by the Para being also sold at | that price. The Ville de St Nazaire brought 27,000/ from South | America ; the Para, 23,0001 from West Indies. The Rome takes | 30,0001 to Penang, 25,000/ to Hongkong, and 12,350/ to Shanghai. | Exchange—The allotments of India Council bills yesterday |

were :—Bills : Calcutta, 87,500 rs, average rate, 1s 75d ; Bombay, | 4,02,500 rs, average rate, ls 75d; Madras, 91,700 rs, average rate, ls 7°5d. ‘Transfers : Calcutta, 18,35,000 rs, average rate, ls 7°579d; |} Bombay, 2,80,000 rs, average rate, ls 7°562d. Tenders for bills at |}

ls 74d,and for transfers at 1s 7;%d, receive 35 per cent. Special | allotment bills, Madras, 4,50,000 rs, at 1s 74:4; transfers, Bombay, 1,00,000 rs, at 1s 78d. Since our last the Bank have sold :—Bills— | Calcutta—51,000 rs, at 1s 743d on 15th inst. ; ditto, 87,500 rs, at | 1s 74d, on 16th inst. ; Bombay, 4,02,500 rs, at 's 74d, on 16th inst. ;

Madras, 91,700 rs, at 1s 74d, on 16th inst. ; ditto, 40,000 rs, at | ls 74d, on 16th inst. Transfers :—Bombay, 2,00,000 rs, at 1s 7434,

on 15th inst. ; ditto, 2,80,000 rs, at 1s 734d, on 16th inst. ; ditto, 1,00,000 rs, at 1s 73d, on 16thinst. ; Calcutta, 15,35,000 rs, at Is Tied, on 16th inst. Exchange from Bombay, 1s 7ysd; from Calcutta,.

ls 733d per rupee; from Hongkong, 3s 9d per dollar; and from |

Shanghai, 5s 2d per tael. | Quotations for Bullion -Gold.—Bar gold, fine, 77s 10d per 02 |

standard ; bar gold, containing 20 dwts of silver, 778 ll4d per 02 | standard ; United States gold:coin, 76s 34d per oz. ;

Silver. --Bar silver, fine, 50}3d per oz standard ; bar silver,, containing 5 grs gold, 514d per oz; standard cake silver, 54} per oz; Mexican dollars, 504d per oz. Quicksilver, 5! 6s 6d; dis- count, 3 per cent.

COURSE OF EXCHANGE. cilia ai i a a ha i a crcl

Price Negotiated on ‘Change. ee seals aaieicacaaeensmaenenas®

July 15. jj July 17. _— } ] | Money. Paper. | Money. | Paper Pre Ese

I isscicolsccstcsipniscoreracduas Smonths| 12 8} 12 4 | 1234 | 12 3 il isniihisisiniieessasbli ne, tiaansitiia At sight | 12 13 | 12 23, 1214 | 12 2 IIE ao5 ncuihcasscccaeciccactduass 3 months | 20 58 | 2062 || 2068 | 200% iain s4: cate, lesccc nat oct! — | 259 | 2063 | 2053 | »e Frankfort-on-the-Main .................. on 20 59 | 20 68 || 20 58 | 20 OF NII Uilas: dc clicehacissascussckss comaeuans ime 12 30 | 1235 | 12 30 | 1239 OD itis incassiidkn ceiietay cndudleabods Sih, i 12 80 | 1285 || 1230 | 12 35

PEED stivinceon apkudhasisnccaensMosine- nee ta _— 195 40 | 25 45 | 25 38f | 25 48 Pctersburg ~ 93% | 23 | 23% | 238 a

i ca | 95 15 | 25 20 |, 25 183 | 25 18% Ditto.......... 25 364 | 25 413 | 26 36 | 25 40

Marseilles, & 2b 374 | 25 42g || 25 35 | 25 40 Genoa, Naples, &c — |2540 | 2 45 | 25 40 | 2% 4

WON Tuk itonelactarkactrc nee — | 46 | 463 = | 468 ro Barcelona im ‘ct | 462 |, 463 “6 ee et ee — | | _ .

Seville jes: Ee | see IS Nii eae _ 46 i 463 s6t

sal 4h ich 46g | $62 SAO ici ciniSeaiiscdcsiateks bacbtecagies _ 51 | 62 | ba = GRU ecacciticeneeecnsnaniae tL occns — |eig joe -Nsy 158

——_ -

July 19, 1884. ] THE ECO

FOREIGN RATES OF EXCHANGE ON LONDON.

ri Rates of I Rates of Eaten Exchange a eae paves jon Lond’n.| on Lond’n

saad J'ly a 25.1 ono | Ghost Leshetie vee MD : i 160 dys st a y| | pow Oye | o |Rio de Janeiro) — | --. |90dysst

oe tt |= ii] 204 | = [Valparaiso | — ae Ts

hee | eae eee ee | wet — 17} | } — j — Loa i- 2. oe ‘sm date|Port Elizabeth lf - i} | Hamburg ......| — 17; 20°33 | Peeington, | os we? ES ae St Petersburg. | — 15 244 _ |_ Zealand eeevee ooo -_

Constantin'’ple) — .. i a Yokohama ...| — “4 ose 4 m. sgt. Madrid sonia ible — 16 47°60 —_ Ceylon secceeees _ j eee j -

Lisbon ........ - 18) 52 — (Bombay .\J’ly a 1/7 %e ) te lle- Bucharest ......) — 6| 25°05 | — # /|Madras ......... | — 17} 1/7}3 -graphic New York ....-. — 17} 483} /60dysst\Calcutta ...... }— 17 Mid ) transfers, oe ; Mavl: | Jdisbyg! ) _. |Hong Kong ...; — 17) 39 ; —

| Melbourne vee May " }pm.sel, ‘Shanghai ......| — 17! 5/2 }} —

Sydney...) ; far (Manila .........| —14 3/lk it —

NOTICES AND REPORTS,

STOCKS. Egyptian Finance.—The receipts on account of the Unified Debt

during June amounted to 157,189/, making the total in hand | $65,667/, inclusive of 533,618/ left as surplus on the 25th of April last. The total encashed for the preference debt is 130,000/, of which 50,000/ was collected last month. In June, 1883, 246,197/ was

| received for the Unified Debt, and 70,000/ for the preference. RAILWAY COMPANIES,

| Atlantic First Leased Lines Rental Trust.—The directors announce | an interim dividend at the rate of 4 per cent. per annum. | Central Argentine.—For 1883 there was a gross revenue of 442,35 | against 332,694/; an expenditure of 167,060/, against 131,365/ ; |a surplus of 275,292/, against 201,328/.

a

year, free of income tax. Great Eastern.—The company announce a dividend for the half-

year at the rate of $ per cent. per annum, carrying forward 17,000/ There was no distribution for the first half of 1883.

London, Tilbury, and Southend.—After carrying 1,000/ to insur- ance and reserve fund, there is a balance which would admit of a dividend of 4 per cent. per annum, but in view of the amount of interest to be paid on unproductive capital during the ensuing year,

| the directors have decided, after charging 2,000/ in further reduction of the permanent way renewal suspense account, to recommend a dividend of 34 per cent. per annum, carrying forward about 1,500/.

| This compares with a dividend at the same rate, when 497/ was car- | ried forward. | London, Brighton, and South Coast.—Outline of the revenue | accounts for the half- “years ended June 30, 1883 and 1884 :—

1883. 1884. £ £

Gross DOTTIE so siccisk dc Natulec Matitacetoent ns ENTE dnd sidiedunsun 985,337 Working expenses.. REED achnedansses 524,708

_ Net revenue 455,546 460,629 Previous surplus .........00.4 4,897 5,724

“460,443 Séebedcsiindves 466,353 Deduct preference GCHAPIOS « cociccscicccsecs 582,935 382,622

Available for dividend,........c. secs. cecees 77,5 83,731 —on the ordinary stock at the rate of 2

Per Cent. POF ANNUIM,........ccccccecevesces *71,435 (2 % p.a.) 75,000

IIR, 5 cisnseitssninaninpichonenl toe 6,073 8,731 Includes 4 per cent. per annum en the preferred stock, “and nil on deferred.

Capital Account, Expended. Received.

£ £ To the 3ist December, 1883 ...........+.«. RO kncarwencceset 23,045,470 During the half- SOUT. cocacdsipcaisnpalabiehiene CIEE eanexesecicecicn 186,522

Total, 80th June, 1894 . PRIGD BOE hscccccsscesce 23,231,992 The estimated capital outlay in the current half- -year is 172,440, | and in subsequent half-years 418,820/. The report refers to the depression in traffic, and also to the uniform success in defending | their line against competing projects. Me‘ropolitan.—The revenue accounts for the past half-year com-

| Pare as under with those of the corresponding period of last year :—

| | |

1883. = G £ WOU OI ii sii alee ie a ae 350,577 ~~: of 57,358 FORKING OXPONIOD...<c0cnsercareassiversestscscos 118,342 . 122,259

bia sores tesaniet ane cane ee I dimen die perce 235,099

Add pre v BOW BURT oc cscccscesiechaadacs rates ec ats 2,019

P 232,951 237,118 Teference charges .........ccccsecsscses. ceeces 114, _” Sree 117,111

Available for dividend............... 118,687 120,007 ~On the ordinary stock at the rate of 5 Per Cent. per ANNUM,.......ccesccccccccocseces 117,459 (5 % pa) 117,459

DON oaks i ete 1,228 2,548 Capital Account,

Expended. Received.

To 31st Dec., 1288 .. secdineiia ikke 064,617 seebaieses 10 0e900 uring the half-year 7 7"""""" "195,359 '250,3 i Total, 30th June 1884 ...c.ccccscsee 11,250,976 scsecocccsecess 10,857,158

timated ca; subse pital outlay in the current half-year, 218,300/ ; and in quent half-years, 537,000/, The Inner Circle and Whitechapel

eS SS SS awe

The directors recommend a further 3 per cent. div idend, making a total of 6 per cent. for the |

NOMIST. 881 extension are, it is expected, to be opened on the Ist September. 100,000/ has still to be received from the Commissioners of Sewers, and the entire 500,000/ from the Metropolitan Board of Works. The various powers Bill promoted this Session has passed, and also the Bill leasing the East London Whitechapel junction line to the Metropolitan and District companies. The District Company have obtained powers to become joint owners of the line from Aldgate to Trinity-square, and to construct a subway from South Kensington to the Exhibition. The Bill for extension from West Hampstead to Hendon is secure, but the “ Parks” Bill was rejected. The Harrow and Pinner line is ‘approaching completion.

North and South Western Junction.—There is an available balance of 4,630/, out of which a dividend is proposed at the rate of 7} per cent. per annum, carrying forward 65/.

BANKS. Alliance.—The net profits for the half-year were 29,386/, which

allows of a dividend at the rate of 7 per cent. per annum, leaving 6,634/ to be carried forward, against 5,447! brought in. The deposit and current accounts now amount to 3,703,000/, against 2 220,000/ at the corresponding period of last year.

Bank of Eqypt.—The directors will pay an interim dividend at the rate of 5 per cent. per annum for the half- year ended June 30th.

Bank of Liverpool.—For the year ended June 30 there is a gross profit of 162,489/, and a balance of 116,222/, of which 62,5001 was absorbed by two half. a dividends of 5 per cent.each. Interest on new shares took 9,982/, leaving 43,7400 to be carried to reserve surplus fund, which, with 43,5097 received as premiums on new shares, has heen raised to 395 936. The directors have declared a further div idend, by way of bonus, of 10s per share, tax free. This, and the appropriation of 50,000/ in reduction of the purchase of Hey- wood’s business, reduces the ee fund to 320,936/.

Bradford Old.—Including 2,375 brought forward, the sum avail- | able for the Lalf-year is 30,152/, from which a dividend is recom-

a mended of 22s 6d per share, free of income tax, and 2,027/ is carried | forward.

»| Bradford Banking.—The directors will declare the usual half- | yearly interim dividend of 1/ 15s per share.

Bradford Commercial.—The directors will declare the usual half- | yearly interim dividend of 30s per share. | Bradford District.—The directors will pay a dividend at the rate | of 9 per cent. for the past half-year, the same as for the correspond- | ing period.

‘Birmingham and Midland.—The annual report shows a disposable balance of 65,6157, inclusive of 10,2632 brought forward. The interim dividend, at the rate of 16 per cent. per annum, absorbed 26,6957, and the directors recommend a further similar distribution, and transfer 10,0007 to guarantee fund, which is increased to 220.0001. The sum of 2,226/ is carried forward. City.—Inchuding 7,0391 brought forward, the gross profits for the

half-year were 99 016!, and after prov iding for expenses and rebate a dividend is declared, free of income tax, at the rate of 10/ per cent. perannum, and 8,972/ is carried forw ard. Current and deposit accounts stand at 4,387,868/, while bills discounted, loans, &c., amounted to 3,921,235/. :

Craven. —The sum available for the half- year, including the amount brought forward, is 19,377/, and a dividend is proposed of 10s 6d per share, free of income tax, 500/ is applied in reduction of

bank premises account, and 5,752/ carried forward. Crompton and Evans’s Union.—The directors have declared a divi-

dend at the rate of 15 per cent. per annum, w ith a bonus of 2s per

share. thn i

which, af | carried forward, against 4,493 brought forward. | for rebi am {aaa Priors and Warwickshire.—The directors have

declared a dividend at the rate of 124 per cent. per annum for the

i ax free. , oe County.—For the half-year the net available amount

is 8.444/, and the directors propose a dividend at the rate of 6 per

cent. per annum, and transfer 2,000/ to reserve, raising it to 10,5002.

The balance carried forward is 1,281.

Lloyds, Barnette. and Bosanquct’s.—The directors have declared

an interim dividend for the half-year ended June 30th at the rate of

20 p er annum.

Pte Stock.—After providing for rebate there is a net

profit for the half-year of 109,2532. Of this, 90,0002 is applied in

payment of a dividend at the rate of 15 per cent. per annum, 17,616/

in payment of interest at 4 percent. on instalments of the new shares,

and 1.637! is transferre: d to the guarantee fund, which is also credited

with 500,000/ premium upon 40,000 new shares, and now stands at

1,167,643/. The amount due on current and deposit accounts is

16.364,142/, while bills discounted, loans, &c., stand at 15,819,4104.

London and Provincial.—There is a net profit for the past half-

2961, incluling the balance brought forward. It is pro-

a dividend at the rate of 124 per cent. per annum, including 4,328/ for rebate, to

verial.—The net profits for the past half-year were = one

{t avipg the 7 per cent. dividend, ‘leaves 5,086/ to be

saad ae i 3,262/ is set aside

t

year of 37,2 posed to pay and, after making sundry provisions,

0 d 1 4931,

eT W ‘estminster.—The net profits for the half-year were 249 902 which a dividend of 8 per cent. for the six months is

i ot Teaving 18,905 to be carried forward, The liabilities on

current and deposit accounts are 24,335,250/, against 23,096,179/ at

the corresponding period of last year, and the cash in hand and at

Bank of England is 2,909,699/.

ene onl County.—For the past half-year the balance avail- 16,5062. After placing

able. inclusive of 4,006/ brought forward, is ¢ cing

10,0002 to reserve, the directors propose a dividend at _ a 5

annum, which will leave 5,658/ to be carri per cent, Perr and Salford.—An interim dividend has been declared Manchester @

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for the half-year ended 30th June, at the rate of 10 per cent. per

annum, free of income tax. : - : National.—For the past half-year there is 98,566! available. The

board have declared a dividend at the rate of 11 per cent. per

annum, which will leave 16,066/. From this amount 3,280/ has been carried to rest, and 12,786/ forward. babe :

Union of Australia.—The directors announce a dividend of Wd 15s

per share, and a bonus of 5s per share, together at the rate of 16 per

cent. per annum ; 10,000/ is transferred to reserve, and 29,1182 car-

ried forward. . Union of London.—The net profits for the six months, after mak-

ing full provision, were 101,900/, which, with 17,6231 brought for-

ward, amounted to 119,524/. Out of this the directors have declared a

dividend at the rate of 15 per cent. per annum, clear of income tax, and a balance of 4,399/ is carried forward.

ASSURANCE COMPANIES. Sun Life.—The society issued 1,003 new policies in the year

ended at Midsummer. These insured 504,749/, and yield 15,387/ in new premiums.

MISCELLANEOUS COMPANIES. Belfast Street Tramways.—The accounts for the past half-year

will allow, after setting aside 1,000/ to permanent way repair acount, a dividend at the rate of 54 per cent. per annum, leaving about 450/ to be carried forward.

Bordeaux Tramways and Omnibus.—The company announce a dividend of 5s per share, free of income tax. —

British and New Zealand Mortgage and Agency.—An_ interim dividend at the rate of 73 per cent. per annum has been declared.

British and New Zealand Mortgage and Agency.—The directors have resolved to pay an interim dividend at the rate of 74 per cent. per annum, payable September 30th next. wre

Direct United States Cable.—The board recommend a final divi- dend of 5s per share, free of income tax, making, with the interim dividends already paid, 5 per cent. for the year ended June 30th, and carrying forward 2,786/, after adding to reserve 19,030/, raising it to 360,000/.

General Credit and Discount.—Including 2,7861 brought forward, there is a net balanee for the half-year of 27,536/, and the usual interim dividend, at the rate of 5 per cent. per annum, is proposed, carrying forward 10,036/.

Great Western Farm Dairies.—The directors recommend a oe of 44 per cent. for the six months, making 84 per cent. for the year.

India-Rubber, Gutta-Percha, and Telegraph Works.—The directors recommend an interim dividend of 5 per cent., tax free.

London Scottish Building Society —The directors have declared the usual interim dividend at the rate of 5 per cent. per anpum for the past half-year.

London Street Tramways.—The accounts for the half-year to June 30, after writing off 500/ to special home reserve account, 5001 from rolling-stock account, and setting aside 1,000/ to permanent Way suspense account, will allow of a dividend at the rate of 84 per cent. per annum, and leave about 2,200/ to be carried forward.

National Discount.—The net profits last half-year were 59,4911, after deducting expenses, and 34,282/ for rebate. The balance brought forward was 4,189/, and, after paying the dividend at the rate of 13 per cent., 4,457/ is carried forward. New Zealand Loan and Trust.—The directors recommend a

dividend at the rate of 20 per cent. per annum. Robert Campbell and Sons.—-The company have declared an interim

dividend for the half-year at the rate of 74 per cent. per annum, free of income tax.

NEW COMPANIES AND CAPITAL. The new issues of the week are as under, vendors’ shares being

deducted, as usual :— First

Capital Payment Further oe. —— Liability

& Amount previeusly recorded............... 64,175,390

Western Australia Land Mortgage and Mercantile Agency, Limited ............ 500,000 ....., 25,000 ..... *25,000

Northern Railway of Canada 4 per Cent. Debenture Stock (at 80) .................. 425,850 ...... 340,680 sees nil

Chicago, Milwaukee, and St Paul Rail- way 5 per Cent. Gold Bonds (at 192/) 160,000 153,600 nil

Saxby and Farmer, Limited ............... 159,000 ...... wake Saale New United States Cattle Ranche, I tacins 4) She nballgiwinnsaantine bss dienesgen 125,000 ...... 87,500 ...... 87,500

Villaricos Silver Lead Mining and Smelting, Limited—7 per Cent. De- ET Sache tho ckdinhntnans chs svibkbiiics’ > 25,000 seoree

1,385,850

To date in 1884..................... 65,561,240

The corresponding total in 1888 was 54,989,459 The corresponding total in 1882 was 76,650,099

Chicago, Milwaukee, and St Paul Railway 5 per Cent. Gold —Messrs. Blake Bros. and Co. offer for mabesaiaiion $800,000, = te _— of 96 per cent., or 192/ per $1,000 bond. The present issue orms part of $18,540,000 authorised, of which $17,740,000 are stated

to have already been placed. Itis mentioned that the company’s surplus for 1883 over all interest and dividends amounted to

ewe: bour T. eourne fiarbour Trust Loan.—The tenders for this 250,000/ amounted to 760,300/, at prices ranging from fg oe of 1051 to 110/. Tenders at and above 106/ 2s receive allotments in vee -— — at 106/ Is 6d about 1 per cent. The average price is

Northern Railway of Canada 4 per Cent. Perpetual Debenture } 1883 Stock.—Messrs Morton, Rose, and Co. offer for subscription 425,8500, 1888 at the issue price of 80 per cent. Holders of the company’s existing I

THE ECONOMIST. [July 19, 1884,

second preference bondscan exchange them for this issue at the rate of 125/ stock for each 100/ bond.

Portsmouth Corporation Stock.—The tenders for 400,0007 amounted to 812,746/, at prices varying from 96/ per cent. to 99/ per cent

Tenders at 971 will receive about 29 per cent. of the amount applied for, and those above that price will be allotted in full. The average price was 97/ 3s 7d.

Saxby and Farmer, Limited.—Capital, 200,000/, in 10] shares, of which 15,000 are offered, the remainder being issued fully paid to the vendors, who are also to receive 50,000/ in cash. The company has been formed to acquire and carry on Messrs Saxby and Farmer's business as manufacturers and poamnnee of railway signals and appliances. The works are at Kilburn, and at Creil, France.

Western Australia Land Mortgage and Mercantile Agency, Limited, —Capital, 1,000,000/, in 107 shares, and first issue 50,000 shares. Itis intended to carry on a mortgage and agency business in Western Australia, where it is stated there is a good opening for such an undertaking.

The Commerctal Times.

THE CORN TRADE,

Marx Lang, Fripay Evenia. The weather has been broken and unsettled, with a lower tempe-

rature, during the past week, but the rainfall has done sonuidaralith good, the root crops, pastures, and spring corn having improved per- ceptibly. Ifthe weather should continue fairly favourable, it is expected that some early Talavara wheat will be ready for cutting in the ensuing week. The commencement of harvest may be looked for about the first week in August, should fairly fine weather pre- vailin the interim. The trade is still very quiet in the principal departments, and in some the tone has become rather firmer. This is more especially the case as regards wheat, and it has arisen chiefly from the weather influence. Though favourable so far, rain would not be propitious if greatly prolonged, and on this contingency the firmer tendencies noticed mainly rest. English wheat in the country markets, as also at Mark Lane, has been steadily held, and imported wheats have in some instances ruled firmer. Australian has sold at a slight improvement. The number of wheat cargoes off coast is heavy, and the early sales were at easier rates in several cases, but subsequently buyers have shown more confidence, and with a better demand prices have ruled steadier, Australian arrived wheats have sold at 38s 6d to 39s 3d, according to quality and terms, Chilian 37s to 37s 6d, and Californian 38s. There has not been much done in forward positions. No. 1, Calcutta Club, August-September shipment, offers at 37s ; No. 2, July-August, at 35s, and No. 1, Bombay, July-

Rostoff Azima, on passage, 18 August, via Canal, quoted 38s. reported sold at 34s for a fine sample, and American red winter, new crop, July-August, 37s 6d, usual cost, freight, and insurance terms. The statistical movement in wheat and flour showed by the last weekly return some increase in the imports, which amounted for the United Kingdom to 428,000 quarters. Farmers’ deliveries at the same time were rather reduced, but they were sufficient to bring the aggregate fresh supplies to rather over 500,000 quarters. The quantity of wheat and an on passage has on the week decreased 180,000 quarters, and now amounts to 1,660,000 quarters, against 1,640,000 quarters at this time last year. The granary stocks of wheat and flour in the Kingdom are estimated at 2,053,000 quarters, against 3,197,000 quarters last year, and 1,119,000 quarters in 1882. The quantity of wheat due to arrive in the ensuing week is about 149,400 quarters, rather the larger portion being for direct

rts. Flour, whilst dull of sale, maintains late value. 3arley is rather weaker on the spot, and forward. Aso

or Black Sea, new crop, August shipment old style is quoted 21s 9d. Large supplies are on the way. Maize is dull, American mixed, = quay, is worth 24s 9d, and Odessa, 25s 3d, same terms. Off — Galatz is quoted 25s. Imports have rather increased, as also has t . quantity on passage, which now amounts to 365,000 quarters, agains 292,000 quarters last year at this time. Rather good arrivals -

expected next week. Beans and peas have moved off slowly 4 unaltered rates. Oats have not come in so freely, and the trade has

ruled dull, and this afternoon the common qualities of Russian were obtainable on rather easier terms.

COMPARATIVE AVERAGES OF GRAIN. The following is a Statement showing the Quantities Sold and the Average Pris

of British Corn (Imperial measure), as received from the Inspectors anc in the of Excise, conformably to the Act of the 27th and 28th Victoria, cap. © tthe six weeks ended July 12, 1884, and for the corresponding week in each 0 years from 1883 to 1820 :—

TN

Quantities Soup. AVERAGE PRICES.

Wheat. Barley. ; Oate. | Wheat. , Barley. | Os | d

1 ars bsh rs bsh rs beh} 0 d| od) 8 July 12...... 26,606 oh 77 6 | 2908 2 si.03| 3]

vesvee| 28,204 3 | 604 3| 2600 2 71) ti so June 2%......| 39,394 6 40 7} 4021 4) s7 4) ZH) og,

21 63 7| 967 6| 423 4) 870, WH os cas 46,060 4 | 863 7 66% 6| 87 4 23 3 a 4

Toutes 44,561 4) 2310 2) 674i 1) 870) Wi; * — Pa. 2 eo 476 0 moi} au21| 422) 92) 2

eee 14,522 4 877 7 m6 0) #5 | B65) 2g 881...) 14275 8 208 7| 1,154 0; 46.2 | Wil | 1880 4... 16,698 6) 426, 0} 638 0} 438 1) 2 9

—ee_—_—e—owws—om=

THE ECONOMIST. 883 ea arian tnainaa nein deta deicladaatargaeictehchnasaaincaa tintin The following table estimates the home consumption of wheat | decreasing amongst engineers. Bridge builders are 1ather busy.

July 19, 1884. |

Prices of steam coal are fairly steady, but house coal is dull in the since the Ist September, contrasted with 1862-3, 1881-2, and colliery districts. | 1980-81 :—

Sa seal Steam Coal House, Coke.

Imports. | 1988-4. | 1982-8. | assi-2. | 1880-81. Per Ton. Per Ton, Per Ion - cpesesentenatenareentetieeainsiasaaiiaaaiacammiaatia te due | | Barnsley ................0000 5/6to 7/ .. G6/ to7/ .. 8) to 10/ eis tak ak a Bay ae ‘ -. Do Best Silkstone ...... oes ‘ta 8/ — ons

Wheat (44 weeks 0 JULY 5) sesee.sereveeee} $0,708,900) 90,450,000) 29,002,2 oot a acti ‘ | Flour» ip 8, eeeabahehdabgiabaa 12,610,759} 14,306,089) 9,436,601} 10,726,989 | Wo astig . oe 0... : : = = mn 9 /

| 53,220,709) 69,792,144) 58,498,830 57,713,199 | London market (North | — ending July 12—Wheat..... eee Soe eee ae ae dbsahseevlantucent 146 to 15/0... 15/ to17/O ... ooo

wisuonbeseesoseessene seuanenertenadyneenns inet ce eee ae ndon(retail) ............ 17/0 to 180 .. 18! to 23/ ... om Total imports, 45 weeks .......+./ 55,078,250) 71,888,230) 59,954,52t) 50,155,303

| Less exports—Wheat...........scereerseseeees 1,100,000; 560,000} 1,123,H6 915,938 Se eee See ee gee oe

WOE. o.ciceissceschehbigeatdderaabegevenanaans Sa 129,000 163,37: 133,235 7. H E C 0 T T O N 7 R A D RP oman | enero ®

Net imports.........0.serseeserseeees Bgotencl: end 58,667,418: | 58,105,080 Add to this the estimated sales of}

31,200,0 0, 23 200,000 home-grown Wheat... ........c00+0 coves] 88,000,000; 39,500,000 21, LIVERPOOL.—Jcty 17.

Cotton was in only moderate demand in the early part of the week ;

Forty-five weeks’ home supplies ......... } 91,820,000;111,518,830| 89,£60,00C) 86,300,000 . ‘ os : : , enaitanhiaiemning —|—___—— |= ——— | but prices were firm. Yesterday the business increased, and quota-

Average price of English wheat, per) 8 d ed s 4d s d | tions of American show a slight advance upon those of last Thursday. GRO saiccarscrnapnre tecereeserenennans ae “= ¢ od #:10 | Sea Island continues in small request. Quotations are unchanged,

WW POF CWE... .ccccrsrscerrcvscsecrece © cocreeses 8 ll 9 9 10 10 10 2 . . siltieenmihaen but Sea Island substitutes are generally quoted 4d per Ib lower. In | bushels. bushels. | bushels. | bushels.

| * Visible supply ” in U.S. centres.........| 13,400,000; 19,400,000; 10,100,00C{ 16,400,900

Do do = in cwts...| 7,102,000! 10,282,006 | 5,353,000 8,700,0

American a fair business has been done, and prices close firm, gene- rally at an advance of »,d per Ib. “ Middling fair” qualities are raised 4d per Ib. In Brazilian a large business has been done at a partial decline of 44d per lb. Egyptian has been in very moderate demand, without change in prices. In Peruvian the sales are limited, and prices for the lower grades of rough are irregular and in favour

The following account shows Kington in th of certain kinds of agricultural produce imported into the United Kingdom in the week ended July 12, 1884 :—

Corre- | rae of buyers. West Indian and African are without change. East

Quantitie, in a Indian has been in moderate request, and, being freely offered, prices

Animals living—Oxen, bulls, cows, and calves......number 10,745 ... 13,1767 | are somewhat irregular, and the lower qualities generally show a

Sheep GEES BRED 4 seca cescssoanttounss@itasiecsehatates * 18,911 -» 24,183 | decline of ?.d per b. GPWEED «oss cor vevsdsusscetbedinnsns sdnekstitsdbebieesteveieess % 43) eos 1,620 “Futures.’”—The market during the week has been firmer and

Ialh Witten DNGUI- soiacranccigtesniaigiiaeiiaamabiee 353. 7 7 8 Ra tina - Bost, salted and ine — aoe 37,817 | and quotations show an advance of generally ,4,4 per lb. The clos- > en Ba artterrerrersy rearrresryey pre : 23,586 ... 13,765 | ® 1 i t y MM icc acsincauan sa asin ews oie " 13399 |. 10.692 | ing values are—Delivery: American, any port, l.m.c., July, 63§d; Meat unenumerated, salted and fresh 63 a9 17 A 615d: A z t-Septembe Gird Septembe . 612d : erated, salted and fresh ..........4. ” vee uly-August, 6;$d; August-September, 6}{d; September, 6j{d;

” ATOR. sscvitenbavedageeinnne 0,682 ove 8,948 _] " 516 « . Tove ° Pork, salted (not estbanh aaah aietniaeahacbedica = 18798 ae 4,345 September-October, 6hid ? October-November, 6d ’ November- Muudbonl, CVGNE si. cscs ccchcctiaivcaiee fucdhshieiatobes M4583 507 | December, 6d ; December-January, 5¢jd perlb. In Surats no tran- . om» e y.

Poultry and game (including rabbits) .........-s:csssseees £ 1,974 ove 1,885 | sactions have been reported. Butter and butte 1,60: 33,173 P x ~ 1° rand DUGLEFINE .....-serserscesersereersenseneeeressceese cwts “— eee ~_— The sales of the week amount to 59,050 bales, of which 1,620 are

III sncesssdassovicsebvsichoabedlinlates tecauseboiaot great hundred 1494457“. 185,066 | 0 speculation, and 3,390 declared for expert; the forwarded is EON sisscishssitiacisahves dia eeieseidettat nena e cwts 13,072 ... 23,101 | 5,890 bales, of which 4,450 are American, 260 Brazilian, 730 Egyp-

epenbiee~-Oatenn, FAW seseesees —~ eee vn — tian, 20 Peruvian, and 430 bales East Indian, which make the DOCK crcrccccsreccecccsscocs ++. CW 85,132 ase 3, : UO. het io ctp lasses teiceceabice i ddoneensatce ; or -) 051 a 9,391 takings of the trade 59,930 bales. = meal, and flour—Wheat .............. w.CWts 1,457,011 «. 823,826 PRICES CURRENT.

ANY nscidsdnnipnge Win ckspie ebb aedaaddsaatendiues cantbaiaatn’ Si ne 147,845 «. 062.7 : Dens | sscentnernpslacyesbojuinenesombeiaimtatseviieloices . 517,150... 262,250 eee || Same Pericd | Same Period TMI onsns centennial adamantane 6,234 ... 29,720 1883 1882, kb”. LclUMi kee e Ge: ee Peg ag | es i ——f ID — nn sis ines sea dbclsechchidodNadeisicraaaauits » ©=—s«983,614 917,980 Decriptionss PG iS SIBSIB LT Ei Sia | 3 isig Wheat meal and flour ........ ............. dialed * «400,580. 277.720 | 6/8 /Flseisie& |e a Ss izle

| j |

(Senet ienreeenententatnnatnsteenstanentinnensiainsanensisiesaenensstnetetstan | || ———| ——} SSS encase

American, =| @ | dja) a /a]aja|@ 3 13h Lh sae Lue jot | Ris | 24 26 ae j 7

IRON AND COAL TRADES. Florida ditio | 2 {21 | 213} 22 | 223/23 || 14 | 143 a4 lia} [35 \@.0.| LM) Mid /6.M [MF G. 0. |L.M.(6.31.|6.0 |L.w\@.

At Glasgow, pig iron warrants, at 41s 3d per ton, are unchanged omy ee ot ) Om om % | % | On| 58 on] ee from last week. Cleveland is very dull, at 36s 9d, both for prompt | Texas ceccssscsseseesee] S| 6 | 6S! 6d) é| 6H) 53 53 513) 6 i) 04 and early deliveries, Lincolnshire pig is quoted at 41s 6d in Man- | Orleans ............... Siz] 6) Gh} GB | | 68 Sis} 55 | 53 oh My ae Derbyshire at 42s 6d, and Lancashire at about the same | ), et oe ar | A ae near RH mol eal tT THel

gure. fan ‘Aeaaeh eaee eee ; . i = oon eee | ‘ ;- | | 7 .

b Fp BL coe ifncce | GA] GB] nce | ne wee | SE | vee | ree oo As regards manufactured metal, Jon states :—In Cleveland and | Paraiba ...........00«: | we | 52 | 6 | a a 6 | 4 ce 6H) 7h | urham, in some instances, there is rather more activity, but not in | Rio Grande ......... [vse J osee | OR] see | vee | ote |] ne | So pve foe | Ti] oe

the heavy : ae Bahia, Aracaju, &0.) ... |---| cee | coe | coe | soe || coe | cee | cee | gee De Bae > heavy trades, the plate trade especially continuing depressed. | yraceio ia) iow hie RAED ne | ill ie} Bll ee tt

Prices of manufactured iron are about :—Bars, 5/ 2s 6d to 5/ 5s; | Maranham............| «. | “62 | 6%} 63) |... ] 68 6} | 73 | 78) 73 angles, 4l 15s to 41 17s 6d ; ship plates, 5/; boiler plates, 6/ ; sheets, | Exyptian—Gallini ./ ... | ... | see | 10 [33 j 143}. | --. aa | ai | 3j 6/ 15s, less 2} per cent. There is no change to note in the manufac- | Ditto Brown......) # | 43/ 6 | 74) 73) 98) Os | &G | 77 |. | 8§ tured iron trade of the Tyne district. Ship vl: Ke Ditto White ......) . | «. | 68 7 | 7) 3 we | OR] TE] ow | St eared iron trade o the Tyne district. Ship plates still make about West Indian, &c.| Bur a Lea 2am of 2s 6d per ton; angle iron, 4/ 17s 6d to 5/; and bars, 5/ 5s, | Fiji Sea Island ...... = | we | 154 | 16} NG 20 wwe fee ee ee a ae delivered to Tyne yards or wharves. Boiler plates are selling at | Tahiti Sea Island... ... | 12} 2 | 182 j 1g | 154 | 11 | mei of ? 7} 6/ 2s 6d, less commission. The Scotch finished iron trade shows no hae rome es ed eo = “a ee A eee ace signs of improvement, and orders are difficult to secure at La Guayran shes lide eg ee, ids: Wika wos || see | on A al [ rar

any price. The quarterly meetings have, if anything, left | Peruvian—Rough..| .. | .. | 6% | 7} 8h] OF || | 7 ot Fo | S 7" behind them ; } : he m: ep Ditto Smooth ...| ... | ... | 64 | 69 | Gy} 635) ... | S$) Gm). | 13 of . em a rather despondent tone in the manufactured | pitt) ‘Sea Island) 123/13 | 13h) 14) |17. | 194 || 11 | 114 | 134 (10h [114 134 hae Seg ee Lancashire, and orders come forward very slowly. | african. .........0..-. | | ue | BE | OB | OB] Gi] | 48] af | = | 6 | 6b f North Staffordshire a greater amount of business might be done East Indian. ...) | it 64 1 ae z 54, 63 1 — would agree to the low figures offered them ; but they are yee oe ke ey al ab | tal or ae oa ler holding back than otherwise in regard to booking orders at ya ate Ses ok 2, Pee Sail a tte Se Aceh es ei = uced prices, except when the quantity is tempting. The old quota Dhollerah .........) 33! 8, 32) 4%) 4% 5% || 3 | 32 | 4% i im 6 ae 5115s and upwards is nominally adhered to, but heavy Oomrawuttee .../ ai | 3i3| 34 af | +3 8 i | af | if) 44 ‘4 tPecifications are taken at considerably less, 1n South Staffordshire nae agp aes 3a os | 3 } lai || sa} 3h] 4a 4 \4 = tronmasters do not report much new business arising out of the Sein Se dee decid-ek bias SA) 201 Sel a ~ | el | 318 44

Woy meetings. Orders are small, and much cut up in price. | Bengal .........000) + | = | 3h { 32) 4 | ql... | oe 3B +. | Sis + in aan up sheets are quoted 10/ for singles, 11/ for doubles, stamp- | Rangoon......... et et | 6a Ba} I} os | ae) 4a) 2) Ms em ea 14] for singles, charcoal sheets 207. Common bars are ee SF ede ea, 1 | ght 48| .. 1 4% 88

" .9S easy, and merchant sheets (singles) 6/ 15s to 71. se Wego P A ACS SON a a reste is still very limited in the finished iron trade of East Imports, Exports, CoNsvUM =. 6 .

ae : cctershire,buta little improvementhas taken place since last week. bales. bales.

it Was ene eting; on Thursday last week, at Birmingham, at which Imports from Jan. 1 to July V7 ssssecsesssssee oe 2 855,28B sarverseene 2,446,868 ‘a a aa that the Liverpool stocks, which stood at 311,000 septs wets Fuad Oe TR ee a sentsipenions a X€S 3 year ago, were reduced to 97,000 boxes the South Wales ock, uly pevceeee corecssscccececensees sencccesesee 1 729,440 so ssecee oo 1,939,520

or eee aesidad to maintain prices at 15s for cokes and 188 ohn nhs hauede et sata vs ; vr ...atcoal, Considerable sales of coke tin-plates have bee d 7m Within the Saag 2 been made | 4 gecrease of imports compared with the same date last year of ......bales 91,070

place saa past week, and a better feeling has been displayed to Olas of qustg asheer fan CONSUMPTION Of .ecsecceseesesseesereenee ov eeeees 10,080 ; rders for cokes and certain kinds of steel plates, but charcoal | An increase of actual exports Of......-.+..--o+sssssenessneensnsenensenrannnsnnsnesanenannanens 150080

ee ne ee ie aepe

In culation there is an increase of 17,260 bales. e im

this sane have amounted to 36,440 bales, and the quantity of

American cotton reported at sea for Great Britain (including cable

advices to date) is 141,000 bales, against 179,000 bales at the corre-

ponding period last year.

aad ternes, are still in little demand. Coke wasters at 14s to dun ee box still sell freely. The steel trade is practically un- dake * - Shipbuilding continues in its stagnant condition. A few prone ot vessels have been booked by Scotch shipbuilders, but a appear any of the yards on the Clyde een a very deserted

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LONDON.—Jciy 17. Annexed is a portion of the circular issued this week by the

London Cotton Brokers’ Association :—

The market has been quiet, but fairly steady during the week.

American futures have hardened, and close at an advance of about

fed per lb. — eae | Prices of

| Fair | Good Fair ord. | mid.| , Fai¥ , | Good to oo seattle: to Mid. | Fair. | “0007 | Fine. | agg. | 1882.

| pre iper " 7o pe Ps B\per b

Surat—Hingunghaut ............| +++ @ +» - | es bi@5t | ‘e | o# Sawginned Dharwar .........| s+ ss pi | & 44 | os “su ‘3 | sit Machine-ginned Broach......| ... oo | oe 5 is OF Gs SS eat: | ee ne Bh) 33 48) Ate Sie) 4 | bre AEN. csiccccimctianlt ms. a0 Si) 3h 4m) 4 53) 4h is Mamgar0lle ...2..2.00..00000000000 o 34 i 4p) 405. | 33>) 4 Comptah...........ceccessesseveee| oes o Bis} 3 4 | Ae | . 7

Madras-Tinnevelly ..............- ee | } 4 5 oa we | th ; TN saves pansvncergcomnnentes Daas) al ‘> 2 we |

Northern Sceisidiedinasaeuuilon | we | oa i i} 5 | ch : SII: siiicaiccstccrvatvncaes are 4 nee es Coimbatore, Salem, &e.......| sn ee S 43 . | 6k a ‘ | |

ea Sole ee eee ae... o "1248 Staie vers

West India..........cccccereersessee| coe ue 5} | 6 6 | 6 it ; ; — eels vpwenninepistsnpihaninl ie 2} | 3 a i ; + ;. | 8

SUITE nssbessavcncincincconenen and] ‘6p vee | 5 vss Australian and Fiji...) - | 6] 5§ 6h) 6 8 | BE | 68 Sea Island kinds .................. at ae 12 }/16 18 |19 2 15 | 15 I cacalaatisiniinns: intial pea ee a

The sales toarrive and for forward delivery are about 2,700 bales :—To arrive :—Tinnivelly, at 5d for good fair, May-August, Suez. For delivery :—American, any port, l.m.c., the following are the latest quotations :—July, 63d; July-August, 633d; August- September, 61jd; September, 6}{d; September-October, 6; {4d ; October-November, 6,54; November-December, 6d; December- January, 533d.

MANCHESTER, Jc ty 17.

There is very little change to report in the condition of our market. Most producers experience considerable difficulty in effecting sales, and the business transacted has been much below the average amount. The liberal rainfall announced from Bengal and Bombay has inspired buyers with more confidence, and within the last day or two there has been an increased inquiry in staples adapted for the Indian markets, though in many cases the offers made have been such as makers could not accept. In yarns, export qualities have been in better demand, chiefly sixteen to twenty-four water twist, for China and Japan. Some fair orders have also been iven out in mule yarn for Madras. In home trade manufacturers 1ave operated only to a limited extent, though under the influence of the larger cotton sales, quotations have hardened, and the antici- pated early termination of the Burnley strike has brought about a more hopeful feeling, so far as regards medium counts of twist and weft. Cloth has moved in moderate quantities at steady prices India shirtings have been more sought after than they were a week ago. Madapollams, mulls, and jacconetts have continued inactive.

etter to sell, though no further reduction has taken place.

(I.) ComparaTIVE STATEMENT of the Corron TRADE.

Previous Weeks in 1884. simi!

(II.) Comparison with Previous YEArs.

THE ECONOMIST.

In printers, buyers have supplied their wants, but quotations keep So firm. Long cloths, domestics, and Mexicans have been no

| SN teetering tididnsiacaiieatitndedlesir

[July 19, 1884,

THE WOOL TRADE,

There is very little home-grown wool changing hands in London just now, and prices are unaltered.

Respecting colonial wool, Messrs Buxton, Ronald, and Co. estj. mate that about 351,0°0 bales will be available for the sales com. mencing on August 12 next, as compared with 401.179 bales catalogued in the corresponding sales last year. They further state - —So far as the woollen and worsted industries are concerned, there is reason to believe that both spinners and manufacturers have been more favourably situated than for some considerable time, though in some cases incipient improvement was endangered by strikes on the part of the operatives. Machinery in this country, at any rate, is fully engaged, and it may be surmised that inroads have been made on asuffiviently large scale on the stocks of both raw and manipulated articles in the hands of middlemen as to materially relieve one of the weakest spots in the situation. Respecting the course of business, it is interesting at this juncture to observe its development in the direction indicated at the close of the last series of sales here, tie demand for bright-haired goods being active, to the comparative prejudice of the soft fabrics of merino manufacture. Domestic lustre wools have still further improved their position during the past month, and an impression prevails that they may in some measure recover the favour enjoyed up to 1874. Advices received from France continue to be of an unsatisfactory nature. Some manufac- turers in the Northern district are, it is true, well employed, their machinery running on a cheap class of goods, for the production of which Montevideo and Buenos Ayres wools are almost solely required. At Rheims and Fourmies, on the other hand, where a superior article is made, necessitating the employment of Australian wool, manufacturers complain bitterly of the difficulty experienced in placing their goods even at extremely low and unremunerative prices.

JUTE, HEMP, AND FLAX TRADES. The jute market does not present any feature of special interest,

owing to the prospects ofa large crop, with the lowquotations of goods in Dundee. Easier rates have been accepted, and rather a large busi- ness done. The week’s transactions have included 10,000 bales new crop, to arrive in Dundee, first native marks, September to November, Cape, at 11/ 10s to 12/; Canal, August-September, 12/ 10s per ton. 15,000 bales native and other marks, particulars not fully reported, and a few parcels other kinds.

Messrs Geo. Armitstead and Co., in their weekly circular, dated July 15th, state :—“ There is no change to report in the state of the flax market (Dundee) during the week. The demand for spot goods continues of small extent, as consumers pursue the policy of buying from hand to mouth. Any business doing, however, is at steady prices, and as stocks are light, holders are not disposed to reduce quotations, preferring rather to wait for an improved demand. The arrivals during the week comprise one steamer from Pernau and one from Reval. There is nothing of particular interest in the Russian advices since last week Contract business is considerably curtailed, as supplies are small.”

The high pretensions of holders continue to restrict business in Manila hemp, the market being firm, A few sales are reported, on the spot, rather below fair at 373; brown, 32! to 33’. By telegram dated July 12th, the week’s receipts were 7,000 bales, against 8,000 bales last year.

LEATHER TRADE.

July | The transactions in leather have been of an unimportant character

17.) | Price, Price, Price,| Price,| Price, | during the week, which is partly caused by the short supplies of mala te tant as — goods, and by the lecreasing stocks, which are not adequate to the —_|___|_-_|__|_ |__| general requirements. English butts of all weights, light calf

ain a . A e djs d's djs d/s d | 8kins, and English horse hides, are scarce, and are wanted. Full w Cotton—Upland middling.........per Ib} 0 6}. 05%) 064) 06,0 63 0 63] prices are readily obtai : - Ditto, good middiing.........| 0 64/0 63/0 606% 0 6 068] © y obtained - a o easteenesesensees \oehic 65 6A) 0 6a oy 06% - itto, Rai ashdes 068/068) 0 63,068,068 0 6 . s,

Yarns—No. 40 Mule-twist tair,2nd quality... 0 92 O 940 93;0 93 0 93 9 of pesonnes a, or a a re eens! — _No.38Water-twist, ditto ...)0 9) 0 9) 0 9310 910 9:0 9} ATS SAREE? GES “ PosTscRirrt. FRIDAY 26-in, 66 reed, Printer, 29 yds 4 Ibs2ozs...|4 14 4 14,4 14154 0/4 0141 Mincrne@ Lane, FRIDAY. 27-in, 72 reed, ditto 5 Ibs 2 ozs...) 6 14,6 14/65 14/5 146 14 6 1 SuGcar.—The market for cane-grown has been steady, with rather ‘o rind “yom End Shirtings, 37) sit ae «al oe aia oa firmer prices for West India Muscovado kinds. Crystallised Deme-

40-in, 66 reed, ditto, ditto, 8 ibs 12 ozs... 8 14/8 14/8 14/8 0/8 0,8 14| Tata is without alteration, while beet has further receded at ® don, 78 rood, ditto, ditto, 9 Ibe 5 oz8........| 9 74 9 749 749 6/9 6,97 vty es than yet quoted, the partial speculative demand last et

, reed, C ng Cloth 36) j } i j avi it some

Yards DIDS ccscssscscssssssccseseeeee slecele 4 leca) eéleslee liners abated. Common brown Eastern sorts meet w inquiry at slightly above the depressed quotations recently accepted, as it is considered that any further reduction is almost impossible. 1,370 casks 5,120 barrels and bags West India have sold by auction

; and privately: crystallised Demerara, 193 to 243; Muscovado ren | ___ Corresponding Week in oo lls to 148; Barbadoes, 13s 6d to 15s. Refined has cae

Jena lqeno lima baaan aasn | fairly active, but prices, influenced by foreign competition, *¢ 1884. | 1883. ; , , y é Se ; ol ae | 1881. | 1880. | 187%. | down. The stock of West India sugar in London has fart ite 1 s ; ed is dis disd sds a | creased to 36,300 tons. Landings in the four ports of the Um Raw Cotton—Upland, middling....per lb) © 6} 0 5%) 0 6%) 0 63,06; |0 6§| Kingdom last week were 20,800 tons, against 16.200 tons delivered,

—< Pornssnbuce fair od 0 oh 0 at 0 te Q i 0 ee 8 Gf | and the stock now approaches to 300,000 tons. ~ Ditto, good fair.............+. 0 68/06%'0 7.0 62 0 th 3 ‘ Iuronts and Deuivenies of Su¢aR to July 12, with Srocks on hand.

Yarns—No. 40 Mule-twist,fair,2ndquality| 0 9% | 0 94 | 9 194 0 10} 0 11410 9} 1884. a a wey oct’. 38 Water-twist, ” ditto | 0 9/09 | 0105 0 40 10h 0 8 «ohare eapane eee aes Seaaee 178000 in, 06 reed, Printer, 29 yds,4Ibs2ozs| 4 1 46 Le-8 [441438 | 3 10} Delivered ... 193,300 201,000... 173,400 ws $7,800

hie thd. Geta Shirtings: $74 OM EOO +6 ah:2 ies | * Stock (UK) 295000 “7. sage 7. B4t400._. 192,300 Yards, 8 1D8 4 OB ......ccsseesccssssee cesses we 8/6 916. 12/0 1816 18,0 14/6... 148 160 : 40, 0 rod, dito, iio, ie 18 0z8 ... s i | : ; : : a : : : 2 Grysalised Dewerar 190 26 oe 26/0 23/6 ae 26) 30/0 290820

i ozs 9 44 110 0 0. Beet, 88 per cent ,f.o.b.... 13/8 ...20/74 20/9 .. 22/0 22/3 ... Soin a4 ceed, Red’ End ‘Long Cloth, os | 28 | 93 Fine French loaves, Lo.b, 20/ 20/8. 26/0 26/6... 29/0 29/8"... none yards, 9 Ibs........ 6016 O16 6|6 91/6 016 06 Penang.—A parcel of good quality native has sold at 9s.

ree i Soren rnmoerrenrnenennerenreownsssersnnpeeneetesnsessenneeninissenreiapininioenpunisamingsse.nsge ea. er

July 19, 1884. ]

Jaggery.—100 tons good cane at 9s 6d, and about 74 tons low to

fair at 8s to 9s. China, —350 tons low brown have sold at 9s. : Natal.--2,521 packages by auction were bought in above the

| anette cargoes Porto Rico have sold fer Liverpool, one of 639 casks 70 barrels off the coast at 13s 74d, quay terms ; one of

| centrifugal, 2,600 bags, at 17s, floating landing terms. Refined.—There has been a fair demand from the trade at the low

| rates current last week, but pieces are again quiet. Stoved goods quiet at the quotations. Cubes, 23s to 24s 3d ; titlers, 22s 6d to 23s; | out loaf, 23s 6d to 24s6d. Several sales reported in fine French | Joaves at 20s and 203 3d for Le Baudy and Say’s make respectively, | and a good business in W RS at 19s 6d per cwt, f.o b.

Beet Sugar.—Quotations have further given way, and the market is now more steady. German, 88, 13s New crop, October to

| December shipment, 14s 44d to 14s 6d per cwt, f.0.b. 2um is active. Prices show ld advance, During the week

about 1,100 puncheons West India reported sold, the bulk Deme- 'rara, 1s 64d to 1s 7d per proof gallon. 150 casks Natal have sold, of which the price does not transpire. Cocoa.—There has not been any improvement in the demand

from the trade, but consumption is steadily progressing, the duty | payments, according to official returns, —s a marked increase ‘compared with last year. Guayaquil is firm. West India continues ‘dull. On Tuesday 533 bags Trinidad, and 150 bags Grenada went at leasier rates, a portion being taken in. 78 bags other West India were chiefly withdrawn. 39 bags Ceylon sold at 75s to 76s for

| middling. 248 bags Carupano, 180 bags Guayaquil, and 297 bags African withdrawn. Corree.—The market continues dull and depressed. Moderate

| supplies have been brought forward, but of these only a part could be placed. Good bold qualities of plantation Ceylon and East India are well sustained, but all other grades meet very little com- petition, and show in many cases easier prices. Of the former 172 casks 57 barrels and bags sold: common and small, 56s to 60s ; middling to good middling, 62s to 69s 6d ; bold greyish to colory, 74s to 83s; fine, 91s to 96s ; bold yellow Liberian, 58s 6d ; medium and small, 48s 6d. 674 casks ],884 bags East India about half sold : good medium to bold N idoobatum, 72s to 87s 6d ; ditto Coorg, 60s to 71s; Wynaad good medium, 63s to 64s ; bold, 77s to 80s 6d ; good to firm medium Neilgherry, 6&s to 74s 6d, and one lot fine bold, 91s.

| Mocha remains out of demand, a few lots bought in at 83s 6d for long berry. Of foreign, 4,629 bags, consisting principally of Costa Rica and Guatimala, met few and reduced bids, and the bulk was

| withdrawn, a small part selling cheaply, good to fine ordinary foxy | greenish Guatimala and Nicaragua, 45s 6d to 47s; pale greyish to | bold, 48s to 56s 6d ; fine ordinary to low middling Costa Rica, 47s to 56s ; good middling, 58s 6d to 59s; gocd to fine, 67s to 76s 6d. Rio

| has engaged little attention, and the sales are restricted. 3,600 bags, | including good good firsts at 46s, quay terms. Brazil telegrams note | reduced shipments to Europe, both Rio and Santos. At the former | port receipts had increased, but there was a falling off at the latter. | Quotations and exchange steady in both cases.

Imports and De.iveries of Corres to July 12, with Stocks on hand. 1884, 188) 1882. 1881

Boo. ene eet tons 31,750 ... 37,760 36,580 ... 31,900 Delivered forhome consumptn. 7,370 ... 7,010 8,410 a 8,720 GDP criss Sieginatin date 20,400 ... 14440 “.. 19,900 |. 19,620 Mid. plantationCeylon...perewt 60/ to 65/ .... 77/0 82/ ... 65/ to 74/ ... 83/ to 90/ Delivered last week 830 tons, against 760 tons in 1883. The stock of Mocha is ex-

ceptionally large. Tra.—Further supplies of new season’s moning congou, to the

extent of 6,000,000 lbs, have arrived this week, per Pathon and Bernalder. Samples have been bought freely on the market, which

| for the common to medium grades is again easier. The bulk of the supply consists of these descriptions. Privately little has been done,

| purchases being confined chiefly to fine and finest at 1s 6d to 2s. he auctions, although not large, have passed off flatly, 23,800 packages were, however, nearly all sold: common to medium new

| Season's, 74d to 72d ; good and fine, 10d to Is 1#d. Old congous have | Sold at 5d to 9d for very common to good first crop black leaf, and 4d to 94d for red. New season’s medium teas are more largely offering, and except for the finer grades, which are comparatively scarce, prices are easier. The public sales of India have amounted to 8,247 packages, and the bulk found buyers. Darjeeling pekoe sold at Is to 1s 9fd per lb. A small quantity of Ceylon went about Steady rates, 2,416 packages Java went at 6d to 104d up to 2s per lb for finest pekoe. Rice.—Supplies of Burmah, afloat and in course of loading for

‘Rrope, still exhibit a heavy falling off by contrast with last year, — cargoes are easier in price, Since last Friday a cargo of 1,549 = Rangoon, off the coast, sold at 7s 9d, ex ship London; one of

z 30 tons at 7s 74d for the Continent, and one of 1,864 tons sold ae pag ypponnc, price — given ; ay of 1,804 tons Rangoon, ' $ , quay term ive : he spot, 5, 8 Madras, at 8s 3d hoe At : ete: acess

elias re —e have taken » and the market is quiet. 40 bags good bright small grain Sold at 11s 9d, and 193 bags aiftings on. beaght in at 9s per ot

third a uae wake in limited demand at previous rates. About a ed of 2.457 bags Singupore sold at 13d to 14d per lb for fair to a a about half of 669 bags Penang at 2d per Ib for fine. 75 ie i . art sold at 53d per lb for fair. Pearl is steady; 971 im ve sold : fair medium at 12s 6d to 13s; ordinary bullet at oo — at lls 6d. Good bullet bought in at 13s to 13s 6d to 3ntowROOT unaltered. 337 barrels St Vincent part sold fat 24d

place, but have not yet been

Reace pe _— a ht in at 4d per Ib. n . ER is du 114 inary Sin re, by auction, only a lot or two sold at 7jd per Iebeing rather alee .

THE ECONOMIST. Leesan

hshseneeeneshssenssnensehansuasionsnerseenaiont asc sness

885 Wuuite Pepper has declined 34 per Ib, and there are few buyers

at the reduction. At the auction barely 50 bags sold (out of 364 bags offered) at 104d to 10jd for fair Singapore. 1 bag fine bold realised 114d per Ib.

Nvutmegs in moderate request at steady prices. 23 cases 48 boxes Penang fartly sold at 2s 4d to 2s 5d for 88’s. 116 boxes smal] Singa- pore were all placed at Is 8d to 1s 9d; also 19 boxes 22 barrels West India at 1s 1d to ls 7d per Ib.

Cinnamon.—Several hundred bales have sold on the spot and to arrive, said to be at or under 8d per lb,

Mace inactive, only 10 packages West India brought to sale, and sold at 1s 1d to 1s 4d ; pickings, 1s per lb.

Crioves.—There has been more doing, and the market is firmer. Privately Zanzibar sold at 53d to 54d. 108 bales in auction were bought in above the value.

GincEr.—The bolder sorts of Cochin have sold rather dearer, and other grades at steady prices. 300 cases 259 bags were chiefly sold : part-scraped medium, with rather bold, 55s 6d to 58s ; bold cut and part cut, 70s to 72s; a few lots rough at 47s for good bright ; 43s

for ends. 14 casks 240 barrels Jamaica only*part sold : common to middling, 49s to 51s per cwt.

Pimento in fairly good demand, and the fine qualities rather dearer. 1,492 bags by auction sold at 23d to 24d per lb for common, 28d to 23d for fair to good, and 3d for fine bright. SALTPETRE.—Business continues upon a limited scale. Nirrate Sopa is firm, Sales to arrive at 9s 4}d to 93s 74d per

cwt. SueLLac.—A limited business has been done privately. At the

public sales on Tuesday, comprising 901 chests, about two-thirds sold. Second orange, 77s to 83s for fine ; 72s to 75s for fair to good, and 67s to 71s for livery. These prices were about 2s lower, except- ing for fine. Other descriptions included liver, at 64s to 65s ; native orange, 69s; garnet rather run, 68s per cwt. ;

InpD1G0.—The periodical sales, of 8,690 chests, which commenced on Monday, were brought to aconclusion to-day. Prices have been irregular, at par to 3d decline. The lower.kinds of Oude showed a reduction of 3d to 6d per lb. Current qualities of Bengal, Kurpah, and dry leaf Madras met with moderate competition. _ OrHER DrysALTERY Goops.—At the public sales 137 cases China

galls were bought in at 51s to 52s 6d. 588 bags Cochin turmeric part sold, 10s 9d to 11s 6d for mixed bulbs. Bengal have sold at 26s. 180 boxes cutch withdrawn at 27s 6d. Gambier is quiet, with a large supply in course of landing. A few sales have been made on the spot at 23s 6d to 23s 9d. 250 tons to arrive, June shipment,

22s 94; July to September, 22s 44d per cwt. _ : :

Drvuas.—Aloes steady. Balsam Peru, very little doing, but fim y

held. Bark.—In public sale last Tuesday about 1,400 packages Fast Indian cinchona, but only 82 ser. South American have been realised both at full rates. Camphor has attracted more attentior, and a considerable business. About 1,000 to 1,200 packages, mostly Japan, have changed hands at rapidly rising prices ; the last trans-

actions were 300 tubs Japan, at 60s. Cardamoms quiet. Castor-oil also neglected. Gum olibanum, scarcely any demand. Gum arabic

again firmer. Ipecacuanha, good root wanted. Musk and rhubarb steady. Oil of peppermint, tendency still upwards. Other essential

oils mostly extremely quiet. Opium continues in demand, pacticu-

larly druggist’s qualities, for which prices have further improved.

INDIA-RUBBER.—Fine Mozambique has sold at 1s 9d per lb, and

, lower price. Mh hen With oie activity, the tin market has been firmer, and

rices of Straits and Australian recovered 5s to 7s 6d per ton from

te week’s depression. Yesterday the closing rates were respec-

tively 821 17s 6d to 83 7s 6d, and 83/ 2s 6d to 83/ 12s 6d, cash. Three

months terms were 5s over these rates. English tin quiet, but rather

For tin-plates the markets are quiet, but manufacturers are

orders in hand. A steady business is passing in

but at slightly easier rates for Chili, which closed 31 17s 6d te 54/ 5s cash, and 54/ 2s 6d to 54/ 10s,

bars. Australian has remained without ap-

lead the market is rather steadier. Spanish

Oi 2s 6d, but recovered 2s 6d to 5s. Spelter

and prices are 2s 6d lower, at 14/ 5s to

The iron trade is still very quiet. The the week have not resulted in much at aes settled ee —_

ers that have been withheld may now be forth-

coming for peo descriptions of manufactured. Pig iron has “—

dull, and the shipments of English are rather os -

stock is further slightly redueed. Scotch makes are hardly altere

pa = aa tone pervades the market. Calcutta, on the

spot, 43s 3d to 43s 6d; 43s 3d ex ship; 43s near at hand ae

August shipments, 42s 6d ; Bombay to Hull, same ae . :

to 43s 6d ; Azov to the latter port quoted 41s 6d —— es ip-

ments of seed from the East continue moderate, but the ree

afloat from Calcutta shows a considerable increase as compare o_

the previous season. De since January Ist, 275,700 quarters,

i 7 ast year. \

Ct we po ronda an olive have been at steady prices, but

the market remains quiet. Sperm cannot be sold at ene last quoted. Linseed rather easier ons ‘yg? rays - i ¢a; July . es ;

-wah yes a on Pr a Semoun? 191 15s; first four months

firmer. said to have go foreign copper, last evening at 5 three months, for g.o.b. preciable change. For has been quoted as low as 1 has been rather more offered,

14/ 10s for ordinary brands. —

quarterly meetings held ee

business, but it is hoped t definitely,

ls to 2s on low mutton, and . . £ .

533 casks sold at a reduction 0 Quotations revised in auction, 9d per cwt. the better kinds show a fall of

accordance.

ate

:

4 f

_

COLONIAL, FORE

Receipts. | Total Keceipts.

Se abe

| eo ta anal

Week | i Receipts. Total Receipts. | { Receipts, Total ae Name. i gnding| 1884, | 1883. 1883, Name, |, Week ae | Ska cae N Imedinc! 1004. ses. | 1884. , 1888

| nding) 1884. | 1883. | 1884, | 1883, __[Ending) 1994. 2668, | teed. | 1888, | ame, Ending] 1884. 1883. | 1834. | Cononiat. s £ £ £ | £ | Bu.A.& Rosario\June 1! 1,427, 1,213’ 32,334) 28,498 | | é £ s clone Bmby.B. &C 1. June a $)940| 28.056) 603,275) 669,893 | Meridnal. Italy*\July 1, 28,656 26,074 apeniel 720,686 | Chic, 401.8. P.'dune 14 86,200 91,708 1,874,400 191688 Comes ‘ ¢|June 30} $1,400) $9,200\ ... b aay. Mexican .........\July 12, 13,000'23,400' 23,100! 44,200 | Chic-&Northern 14} 96,660) 96,960 1,820,233 0 93 East Indian...... July 12/107100,156805) 107,106) 155,805 | Nthn.. of France|” 16196887 121716 2,871,657 2,910,000 | Denver&RioGra!April |109977|119306) 376,302) #%. Eastern Bengal! June 7) 11,869) 8,281) 173,356) 222,531 | Ottoman ......... une 21) 3,571! 2,785, | 95,867} 59,852 | Illinois Central! June 14\ 41,740 49,568, 1,051,068) 00 03 G. Tk, of Canada/ July 12) 83,874) 88,412) 173,462) 177,306 | Paris & Meditr.* 251134 246885 6,377,£8016,431.900 | Louiev.&Nashv. 14) 49,787 45,894)1,202,468 1 Gt. Indn.Penin. July 12) 42,688/ 98,696} 74'901| 60,317 | Peete Otte i li me) et a Norfolk & West 1€) 19,761] 22,392) 282,278) = Madras............ May 31) 14,782) 12,612; 280,210, 258,503 | Smyn & CassabalJunc29| 3446) S600! so.208) si601 Rete. Paces 14} 52,781) 36,820)1,076,482) 0 Oude &ohiknd May 17/ 13,177) 13,298| 239,499] 220,514 | Sth. Austrian*|Juiy 8) 72,644) 74,368 1,910,384'1,051,672 | Pennsylvania ...|April 831261 $12350)3,031,980)90 695 Seinde comiiniel June 24) 18,209) 25,443) 465,063) 506,837 | Stn. of France*|June 80. 72,084 474,172/1 824,084)1,905,744 | Phil. & Reading\April |876757|345825 1,215,380," oy oo May 24) 8,076) 8,233) 160,928) 142,691 | Wetn ofFrance* 80| 104589 105935 2,487,289 2,510,943 | St.Louisés SankF.\June 14) 16,401 11,351) 380,340) 10785 Bu. Ayr. @.Sin.#|June 2:| 14,198! 9,519 iets ses | Ala-ctSouth ad OL natal ad vibe a Las 711 L008 + Ue ° 2 . B ’ .Gts th* ? 78 ’ ’ Bu.A. Ensenada/May lt} 2,801 1,389; 50,843. Pee ee aaemaa aT etn ‘ set | — 29,536 | Central Pacific/May _ 1412400/42454'1,757,400'1,883,180

* Yearly from 1st January.

2

aetna

yk ge ie IST [Jul 19, 1884 HI a ae 886 THE ECONOMIST. y 19, 1984, : : 3 . * . ee , i : : ; raLs.—Copper dull. Tin quiet at the quotations. The Glasgow tae bg oe ; 9 883. The spot price there is 18710s to| METALs.— du +4 . Lae tons, against 202 tons in 1883. ie 8p : arket for Scotch pig iron closed. Lead dearer, Hi fee 18/ 12s 6d ; barrels in proportion. English brown rape, pre ans gs m, ‘ pig ty} bees i ‘ ing to 26 10s on the spot, 4 — oe at gine O71 10s a cities

1 3 ad 31 15s to 271; last four months, 27/ 5s; Janua , 27/ 10s t | oie * ee hie a — eg Cocoa-nut firm on the ‘spot, with a good demand. — ADDITIONAL NOTICES > Wa be Ad . K > vs ‘ °

| maid sold, to arrive, at 32/ 10s to 321 15s per ton. Palm nominally Driep Fruit.—Messrs R. Witherby and Co. report there is no ; ; ¥ 4 & ep unaltered, viz., 34/ 10s per ton for Lagos. change to report in this market. Business continues to be very

iF ; it at Pe PETROLEUM On firm, and prices have fluctuated rather ao restricted, Pr ae wey On the spot, 6}d to 64d; August, 6;,d ; last four months, 61%

4 ; #4 3 ‘ - tel - k S. Ht Eo Se 4 eon 1884, 1688. ste THE HOP TRADE. i trike te, ee Siete poxtanben ee a yt Bialege iss 40 Oe 5,183 | Messrs W. H. and H. Le May report:—The market remains Pf] 4) paghee Selivered Guring week ending July 16.......» 6,885 ...... 5,656... .. 4,561 | steady, with a small consumptive trade doing, but if anything is : : Pi Delivered during wee g July 4 X h +=: betmheithed: be P i] 3 Le 8 OE BOG EO oni cscs sssevsensnerccstivicscedom 29,000 33,000 ...... ’ | pressed for a 9 prices ant . “ mitte : . : a. =

hid) apa te iveries to date, 282,600 barrels, against 257,770 barrels last year. | reports received this morning, on the whole, are not so favourable. Soy Deliveries to date, 282, ns & ay er dis | The East Kent grounds, that have been fairly clean, are now in a : Spirits TURPENTINE has been without material alteration, an tS | very critical state. Vermin is increasing fast in the grounds it} 5 ids now quiet. This morning’s quotations are as follows : on the 2 ~ | between Canterbury, Pethan, and Chatham. We also get worse iy ’ % 24s to 24s 3d; last four months, 24s 3d to 24s 6d per cwt. ot senasie trots aacehe and Wateringbury. The reports from the i 4 ; et supply here and afloat is still large. Weald are slightly better, so far; the bulk of the vermin is dead,

ig i ee ag TaLLow.—The market has been without animation, and the | but most of the unwashed hops are so — of — _ half up the ' . | ee ue See public sales to-day are of moderate extent. pole, that it would not be possible to produce 1 cwt per acre. The

Hid) ee! wae - . . ith indeed nothi washed hops are not arming out well, and will be very slight Hig, Sat tals Topacco.—The market remains very (eet ee een ae ekine | croppers, The country Farnham district of Alton, Selbourne, and i | ¢8228e to report in American. In substitutes small transactions are taking Bentley are in a black blight, and going decidedly worse the last iif i ¥ ? place, but the dull season has evidently set in. two days. The Farnham grounds are also going black We shoul ;

7 ? 7% reduce our estimate to-day to 140,000/ old duty. tters receive I i 2 eg . See from American growers speak of one-third to one-half crop i i ’ oe ge Ee POSTSCRIPT. FRIDAY EVENING. only being grown. ‘The imports of foreign‘hops into England last week Hi} f, Capt Reaes SvGar.—No change occurred in this market to-day. Sales of | were 392 bales ; for the corresponding week last year, nil, The total Hie Suey a) West India for the week, 1,846 casks 5,000 barrels and bags. 1,452 | imports of foreign hops into England from October Ast, 1883, to

thi 1 FoNaaee bags China by auction sold at 9s 3d to 9s 6d, 497 bags Penang | July 12th, 1884, were 91,312 bales ; for the corresponding week last } | ake withdrawn. | year, 68,149 bales.

it 4 J $ ; Corrrr.—167 casks 34 barrels 96 bags plantation Ceylon sold at | Current Priczs, 1883's. fia’ s ¥ cr 79 rather irregular prices. 154 packages Mocha, part at 80s, good 91s @sd £684 ew mae ee

;| op mes to 92s. 574 bags East India went at easier rates, 3,573 bags foreign | East Kents. percwt 815 0to1010 0 | Americans.per cwt z 7 : “s : ® 2, eS “ee? descriptions partly sold at about previous rates. mid Boats Sricsltoies .. ° » ° . sa reeemeralte --e re 5 rT & #4, ‘ | . } i Or eeeeeneneeee _ Met eeenavers eons .

i ;| ibak let Inp1co.—The sales concluded to-day, and the entire quantity sold | Sussex. 7 5 0 8 10 ° aa snecinene 7 o . ta ° te 5 eg . . FCOSLET ...... 0.0008 ereterees i ; Pah e Tes ser ncaasaakageate 7 | Farnbame 880 9 9 0) Old Olds............ 8 00 500 if a} ei .e » Om.—Jayan fish oil by auction sold at 24/ to 24/ 15s per tun. | Australians, 1884 ... £7 to £8 Australiane, 1883... £5 15s to £7

: * $ i.e oh i te 8 ese ee

ae i rs ee Wes oe a ‘i —- ao 14) Scape a 4 zy" ass OFFICIAL RAILWAY TRAFFIC RETURNS. ie

fi ie) A 4 eT ee | faces | Revenue past Half- [Dividend per | at Capital, | Yom. ent per An.| a5 Receipts. Cost .| Aggregate |

ee pene | — 3 4| 8 | Receipts of Halt- | Miles Open Na; 2 Bxpinded’ Gross |, Work: {Interest | 16¢ fond | at = | 8 |\g48| 2. |% per |Bs| & Y eee | -_— (at af Rents, \ent.\Hit.|Hit,| Samseot Railway. & rf 34% # EZ | mile igs z st Lines. "| Pine | peta. | Of | Of | of “ 2 |\E8s| 3512 s eel Piast ra | ia | Taxes, | Prefer- |, 00.) 3 z ons 6 | #7 soe | 43 1 | Celpts. | Duty. ences, /8%/18881688 Bee eaS| a | I} 1884. | 1888. | 1384, | 1888

; 2 |e2 fe! «eitlzxix 1a) 2 | £€ | 21 2 2 |ele £ ai i 826,500 81,952 17 602 11,084,4 | 4 \4 bestia and County Down Julyll} 901, 447/ 1,438) 1,727) 14,910} 26, 86 2,295 2,480) et = # 1,882,595 72,608, 60,546) 29,343, 4 | 4 | 3) |Belfast & Nrthn. Counti 11{ 2,048) 1,514 8,662; 4,598] 13,890) 26, ... a i aaal Deal toe | 88,138,796 1,467,523, 702,448] 612,916. 4 | 5 | 4 |*Caledonian 13} 25,305, 35,540 60,845) 67,367| 60,050| 81) 964) 1,382,140, 1,370,899) vs a

aie: eee. en ae seo as | . \Cambrian 11} 2061) 1,816) 8487 3,424) 16,880, 19 7 |” Gitis) ” 6,146) 1804, 180 ; 6,108,284) 306,431) 130,008) 91,407, 7 | 4) [Pures .........s0escersesseres 13| 2,233) 7,411) 9,644) 11,533) 44,300; 69/1074) 17,898) 21,976) a 1% 10,468,970, 564,296 278,687| 159,406) 5 | 54 \*Glasgow & Sth.-Western| 12) 10,281) 12,231) 22,512, 27,624) $2, 66/110} 510,274) 526,626, 329 =

35,062,402/1,827,225, 957,866, 674,102) 34 | ni (Great Eastern ............... 13} 3¥,341) 27,872) 87,213) 65,896; 40,180 (G14) 185,675! 135,164) 9654 . ; $3,688,595 1,919,584 1,062,281) 675,482, 4 | 6 | 84 \Great Northern...............| 13] 33,401) 37,830, 71,231) 72,660) 36,720) 114|2114) 140,267! 142,088) 934 vet

tis 6,084,477, 334,290 168,484) 78,137) 43 of | 4) Great Northern (Ireland) 11| 8,024, 5,348) 13,372, 14,116) 18,390) 116)11 26,188, 26,999) 467 = § 4,884,863) 151,931) 81,271) 69,827) nil. | nil. | nil. "Great North of Scotian 12| 3,463 8,326) 6,789) 7,136! 16,400) 23) 444 141,096) 140,044 289 =

: ' 7,560,986, 384,488, 202,277| 60,199) 4 | 6 5 Gt. Southrn.& Westrn. (I. 11] 8,614) 6,305) 14,919) 16,487) 17, 80,277} 38,305, 474 | | 474 if 3 69,323,587 4,053,988 /1,970,867|1,446,481| 5t | 73 | 54 Great Western .............. 13; 77,910, 77,70) 155,614) 158,296) 80, 309,719) 318,080) 2,286 2,258

rd 86,653, $67 1,945,920: 1,097,352) 505,413) 43 | 5 \ |Lancashire & Yorkshire 13) 32,119 42,434) 74,553, 76,111) 74, 147,543, 148,752) 4969 49 4 89,984,586'5,362,162)2,721,342/1,346,442) 7 | 8 | 7 jLondon & North-Western 13} 92,765, 108,754) 201,519 204,597) 61, 405,910) 408,821 1,779} iii

' a 22,764,360/1,126,899, 632,465) 383,054 24 | 64 | 2 |Lon., Brightn., & S. Coast} 14) 32,643; 10,587 43,230) 43,862) 52/7 89,852; 90,145) 455 oat 4 24,262,409) 668,925, 383,226) 801,117) 44 | 7 | London & South-Western| 13) 88,454, 16,476] 54,930, 68,375) 31, 111,355} 111,327) 798} : j 24,731,522/1,516,230) 838,693] $40,901) nil. | nil. | nil London, Chatham,& Dover] 13) 22,266, 5,010) 27,276) 26,928) 159,1 54,208 53,604) 1534:

1,060,399! 73,412) $4,694) 7,717; 3 | 8 # \Lon., Tilbury, & Southend) 13) 3,697, 625 4,322/ 3,434) 24, 7,928) 6,845) 49 | 25,852,003/1,017,834) 486,870) 467,151, 1 | 4) 14 |Man., Sheffield, & Lincoln. BS iT hes 41,631) 42,574) 87,400 82,842; 82,474) 2004 ‘1

; 844,507; 69,643, 28,839) 1,701.11 |10 {10 (Maryport and Carlisle...... 13} 604) «1,528 2,127) 2,507 20,490 4,518 6,025, 414, 8 10,369,045) 296,139) 111,246) 110,246 5 | 5 | 6 (Metropolitan .................. 18)... w+ | 13,288) 18,163) 547, 24,017) 23,874) a : 6,692,308) 176,475) 81,718) 101,469 | nil. | nil. Metropolitan District ...... STF st ci 8,106} 7,932) 680, 16,147, 15,732) 12 stot 71,275,40013,724,781 1,953,474/1,048,350 54 | 6 | $4 III nirentiitiatpnsenssiinctti 13) 48,411) 84,801! 183,212) 141,960) 67, 270,240, 284,413/1,263 1, 4,601,444) 249,213) 142,918, 62,882 3 | 4 | 3$ Midland Gt. Western (1.) 11) 3,838, 4,891) 8229 8,050) 19, 13,036, 15,976} 370 | 9% 82,146,31011,305,937) 621,244; 645,583 24 | 5 | 84 |*North British ............. 13} 23,348, 30,187} 63,585! 57,225) 82,860 1,200,408) 1,201,166) 9843 ; 56,798,959/3,534,603 1,795,823) 753,822 74 | 8} | 73 North-Eastern 12) 40,675, $3,041) 123,716, 136,107! 37,490 248,009; 267,603 1,536 1,518 8,906,027) 244,930 122,262) 49,408 74 | 74 | 74 [North London ...... ed tis 8,087! 8,315) $25,700 16,169 16,746) Bl 7,888,185) $38,631 168,891/ 111,975 23 | 33 | 34 | {X. Staffordshire—Rail,| 13} 3,821) 6,607) 10,428, 10,392) ,! 94.1941 25,963 {a9 19 LA EMEE. inpssososionsasecbhae 13}... | oe 1,490} 1,502) ,., . | "933 639 1,324,724, 79,053 36,920, 29,66812 (10 10 ‘Rhymney |... OM cue we 2,848) 2,809) 20,760 5,868) 5,129) 638 on wep eel, 167 860) 585,808) 818,148 $8 | 7 | 8 |South-Eastern 12} 80,614 10,970) 41,584) 43,028) 57,780 73,502, 83,480, 882 | S88 2,595,040, 356,647 177,188, 66,18218 (17 18 |Taff Vale...” 12 we | 16,753) 14.038} 81'400 oo wo | OT 2,096,357 ene tise a ae wv 8,453 _ a 16,140 die 141

—

IGN, AND AMERICAN. ceipts

t Yearly trom lst July.

eree 6S

A AAA

July 19, 1884.] THE ECONOMIST. ae7 E Dyewoods—(Con. ) £2e és

poe

COMMERCIAL TIMES cod—Honduras ...... 7 5 0 0 Petroleum Oi 8 Ibe. ou * Sugar (Con.)—per cws ods

‘EEKLY PRICE CURRENT. BMRICE ..seeeceeseereeeeee 5 O 610 | Oil Cakes, Lond, ng. mee el ae ceee

*,* The prices in the following list Re Sanders 12/8 0 0 Auction. - Pp non § . O16 aru cect, Gee ane

are * revised on Friday, 288i by ap SIE skasunatsschpetqenqesenedis 0 18 (0 il Seeds— sé sd Fgy oy Town. eeseccovecocenece 00 080

ent Srm in each department. s £8 Linseed, Azov, i g names 00 00

LONDON, Fripay. ruit—Currants,duty7ss 4 8 d Bombay’. .per4i6lbs. 44 0 0 0 Floating cargoes for U.K

Arrow Root—perlb sd ad Patras ...........percwt 29 0 310 | Ra a pacens & 3. & * Java, 0 18 0

St Vincent, com. to good O 8 0 6 Vost’ a Tne 53 0 87 0 wpe, Feroze per4i6lbs. 43 0 0 0 Cuba, Centrifugal. 5 3 16 6

Ashes— ST aes sent 2.:.% Fr. to gd. Muscovades 13 6 14 6

Pot Canadalst sort.pewt 26 0 0 0 | Provincial semvemee"* 33 $8 @. | Ceylon, lump QS 2 | Rarene—Per consumpta.

Pearl de GO sasaes 0 080 , Turkey ape 00 00 | Pro a eg .. per cwt ; 6 14 0 Ew sdb sahateneeacennbaeis " 6 s 0

Brimstone— 8, uty 8 per cwt—

Butter—Cork ee Pe eee eee ene neeeeeseneee § 9 9 9

nom best thirds. per ton * 1¢ . _ Valencia, _ Ce 23 0 28 0 Friesland fresh, os o a : peeve Cotes eencoscoeececes 24 0 660

— ition ae a ae Siesten, « seccseconcee = : e ; OI x canimescanaxqretinsion 88 0 94 0 | For export, free on board 7015 0

uty 1d r lb sd asd ~ oni ai Bacon singed— Waterford 72 0 74 0 Turkey loaves, 6toldlb. 30 0 O

Trinidad grey toord.p. cwt 8 0 7 0 a ing & Chesme.. S ; = : — Sec sccceresesceccoses 71 0 72 0 Crushed ... % 0 «0 :

. Coveceresscecceeeesess

oe eee ccecce 70 O Pi ecceee &

es sennenccanenes ie ee. 6 atiniriomiabneaes 20 0 85 0 | Hamburg et ae Rg nee re 3 9 0

Ceylon, pene. 75 0 8 0 ges 8. Michael pese. 0 ; . ; a Yom a 90 o 19 0 20 Tb loaves supertine ... 5 » e 00

Guayaquil .. a ae a a 90 0 Lisbon & St Ubes, j chst. 15 0 20 0 es seseescceccevesseeses ol 0 b do Nol 19 $ 0 @

eee seas . 75 0 85 0 ME litnansgecesens ties 00 00 Limerick badder _ 00 00 a rfine,inbgs 19 6 19 9

83 0100 O | Lemons—Paimero p. case 13 0 25 0 | Cork and Belfast ditto a ob — 193 9 6

Cotiee—__duiy iid per Ib Messina, selected ee eS es No.2) — 17 3 17 6 Ceylon, plantatn, Iw.mid, 65 0 60 0 a a, selected ......... 23 0 27:0 Ferkin and keg, Irish... 0 0 0 0 French loaves, f.0.b. 19 9 0 8

Middling to fine 61 0105 0 ae 8 © 10 0 | American and Canadian 70 @ 72 © | Beet—German& Aus. fob

Native, seed ordinary... 43 0 45 0 Nute— Barcelona, p.bag . “80 : s : ete Can...pr.bl 0 0 0 0 French Crystals, No. 8 9 3 r 3

I j a 8 —Amer.&Can...pr.tc. 0 0 0 0 >

5 ements 2 0 0 St Petersburg, 12. pean 35 0 20 0 Y nodeingan DEW. 50 0 5 O Seeere ay? ewt 15 6 16 6

Mysore, medium to bold., 68 0 125.0 CTICAN, NOW .......0.00+ 50 0 54 0 n 22 6 2 6

Mania, fair Indan m4 9 45 0 Quite Peroha "ve i OS ES ene Pee te oo Ge

ingapore, pic ed Bally. 42 0 45 O | Finetofinest................ 1 8 8 8 | E¥lce—Rangoon to arrive

per @

Mocha, siiaée ened oe me Fine to finest .. 1 8 8 8 | Rice—Rangoon to arrive China, Manila, gd. aatiaahes 0 195 0

Jamaica, ordy to fine ord. 40 0 62 O | StPetersburg.,clean ae ° s 8 Be open charter..pcwt 9 9 8 3 be wr 50 0120 ©

Low middling to fine ... 54 0 99 0 Manila, fair roping Pp. SS a . sDovellow a 9 : " : ‘ortoise, E.1., mone 76 &@ 0

Costa Rica, mid. to fine... 54 78 0 | Jute, good to fine............ Tallow—per cwt

Ondinary and palish,.... 48 9 68 how to fair ......... swseeee TO 18-10 y Le Fae BES

Cute Amnatiant, BB. es =) ° = © | Coir Yarn, good tofine.,. 30 45 0 0 00 ae fine 37 6 38 0

. 0 Common to fair... > @ 6} Me@amteiec.......¢6¢2 6F Sime ................... 37 O 37 6

Sa, Bis, on We spot Hides—0x & Cow prib es d 6 d eee IIT enccesccescecsceeccsonse 3 9 0 0

ee ee ee 0 50 0 | Salted—B. A. & M 6k 0 7§ 0 10 0 Tapioca—E.l. fake p.Ib 01 0 &

whe channel om 2 = : R. Grande .. 6 0 6 i clasasdssctinnds percwt 11 0 18 6

tt eet ae Australian ......... 6. 0 8 0 5 0 05 0 ar Soci, por bel 23. 0 0

Cotten-—Sce Weekly: fer 42 0 43 0 a. geal Vv. 08 ry 0 71 0 Tea—duty 6d per Ib ‘See

Chemicals— ~—— a a [PO ncverecercereeseseeesses 4 0 Button, sorts, good te fine $5 0 98 0 | Congou,newcomtofair.. 0 7} 1 0

Alkali Refined...pr d e China 0 7 ¢ 9 | Lowtomedium............ 65 0 80 0 | Medium to good es

Acid, citrie........ perlb 1 i ° ° een ea coonenene : 2 : : — Siam 2... 46 0 43 0 eeu te finest... “Fs ae

Wcdaisenttte —,. US....0+ uchong, com. to good..

GUI sscspsesntinaeend oo a cf: 4 Beng-Surdah perl 18-0 15-8 seo 08 010

—. nlietiadal ss 4 6 1 7 East india .............-. 0 5 1 2 Geteldiran on 2 : 3 _ : Flowery Pekoa, ts, io goed : : : ;

Meat hee ee 00 Hops Kent, 1888 powt "£310 1010 Jungypore& Comercolly ii 0 13 0 Fine to finest............0. 110 $8 4

Ammonia, p.-.--per ton £6 0 0 0 | Wealds ............+ “ 9 0 Radnagore .........ccsce000 18 0 14 0 Orange Pekoe ........... 0 6% O11

Muriate........ per fonsa9 ; & 5 Other Big. ja ane a . —_e Nos. 1, 2, et % Set Sieisamachiieiain 5. 3

Sulphate.......... or 5 3 GORGE siaitikcsicdaiasouce 0000 nm scented

— -& 15 10 | Bengal mid. to fine ......... 66 8 0 Wis 6 Ot Sicccsissrm earns 12 6 15 0 common to K00d 05 10

i 2% 9 0 © | Consuming mid, to fine 510 6 9 | Tayssam.................. 9 0 17 0 | Myson, common to fair... 0 4 @ 10

Bleaching powder 2 .s 9 Low to good ordinary... 3 6 6 9 Sespendied ildenedeigvrsl 9 6 12 0 Good to finest ............ 11 236

Borax, English, refined ... 9 } Madsas, Velore . 24 6 | Canton ... “""* 9 9 18 0 | Y- Hyson, com.tofair... 0 4 0 7

Cream tartar, crystals = 0 42 0 pI 16 39 Re-reeled .......... 0 O © O | FURPOWMER.........--reererenee 6 10

Calomel..................De a “2 0 | Kurpah, good mid. to fine 0 0 © 0 | Japan—Low to fine......... 13 0 16 0 Good to finest ..........+. 11 210

Cami ite 0 0 Good ord. to meeting. 8 0 6 2 | Patent Brutia .............. 00 0 6 Indian Pekoe, inc, broken 0 10} 1 6

Fodine ine eoeo OF O8 a ee : : India Rubber—per Ib : Pemian oe cen 60 00 ounenee finest ilies 8 29

otash, bichromate Para, TIme,..........0crecerserees 23} 24 ian—Raw, white Novi @ 0 0 0 annings... vine, Ga a

Chilo 8 ee es =P Tb : : : Se ee — i‘ 2-6 ioe Bigessae a =f : ° ¢ Souchong sbeduiigsrebqsinnin 0 10. t :

ydriodate......... - Lea PPI oct a ee ea 8h 1

rusia. sboosnshdnnene . 411 5 O | Crophides ...... 30@45lbe 1 @ 1 6 | Thrown—Piedmont.........23 9 25 0 Timber —Timber and : .

Sulphate ne . O 10} ce SO 8S BM nas , 2 0 2% 0 Hewn Wood.—Dantzic

props hacend S| mobos BEE EE | Deepa MO | ome eo BS Wee vnenepertb 2 8 2

9} do... 98 16 2 § |

Siew ren perth 0 6 0 73, — Yellowpine,

irg.

eal A ~~ Per Ty 0 8} © O | Foreign butts..16 24 ae lack, Eastern ...perlb 0 6§ 0 7 = yellow pine, Irg. 70 * ia 0

Soda bicarbonate p —ain eo do “93 50 401 «2% 2 2 | Alleppyand Malabar .. 0 7 0 7 -_ smi. 60 0 70 0

Crysta gop oy jm. 0 Cape Austn, f.14 35 11 1 9 | _ White, Singapore, fair... 0 10} @ 10 Wee OAK. .eeereereneenn 110 0145 0

canst ‘London “i 9 0 10 i. ae a ° 6 2 8 ee at? 8 2ee polean amie, eaonatiiaenstigtalibed 30 0 9% 0

A ies sessee per de 0 40 S as 7 28 namon—1st Ceylon « © & & 2 Pw Watessst lees ibtacch” 270 0 330 0

agar lead, white. “peowt 22 ¢ 0 O _ s+r-s,80 100 138 20 Do 2nd dO ..........00s0-008 0 6 1 9 aiken Siteach... 45 0 90 @

Bro — 0 0 | Dressing Hides ............ . 10 1 6 | _Do3rdand 4th............ 0S 1 6 pDemantiivennd Fegegen Wore

Sulphate Quining % O 0 O | Shaved = dO os vveserersees 11 1 6 | Cassia Lignea, unworked 27 0 27 6 orway, Petersbg stnd.£4 0 7 10

English, in bottle..pr —— English .. 1 0 1 5 | Cloves—Zanzibar fair...... 0 5§ O 5} es srsurcecsesecereee 6 O 14 10

oreign acttle.pros 5 6 0 0 Spanish..... per hide 7 0 210 Penang .... 1s 26 a omcantentetiqny of i ara

copper. pr cut 2 ger—per CW

cecencinndaaedina tama

Zine te, copper.. rp owe a2 8 a = Ripe, al Ex ngiah eer es : : en scaped oi heii nian si i seer Z 8 20 9

Vermillion, Engi. ib 8 9 00 al “Copper 2eée Do rough a. 44 0 50 0 cvecesinn SESE ae

per t pi 20 00 English, Tough. per ton se 0 60 0 Bengal... icnsses OO & 6.6 we ir. vee 710 10 0

Wallsend, cone Best selected ........s0e+ 0 61 0 African ...... 43 0 45 0 American spruce .. 6010

Coot eS eessseesscee 16 6 17 0 GN sacnsevrsorgsceeesereeee 67 0 0 0 | Jamaica, low and ord... 46 0 52 0 PR eas Lev each ..... 15 0 24 0

patie alvers a Chili. ord. brands.. 63 0 171/6 Do mid. to fine .. 53 0160 0 a e, pr. mille£150 0 170 0

a ae 010 0 104 , Wallaroo ... 61 0 62 O | MACO........+-0-+--+-0--. prib 1 2 17 Quebec, per standard do 70 0 100 0

rerseceee OME 1 2 do Burra 6010 0 0 | Nutmegs, brown ............ is #4 oan per mille ...... 2 0 30 0

ie ni owt £s & «6 | Spirits—Kun, an ease pee oo uty ea sdad

Cape, good to _— 140 0160 0 itish.. 617/ 6 6 Jamaica, per gol | bond, Vireh ots pond... 0 6 Lt

Ainiseed, China, star 3 =e wonaneeee G10 7 10 8010850. Perm £8 2 9 RE EE ners FS 1 6

eru .... . * 10 ine mar! é& &6¢ a eav'-seeee

api 6 0 0 : 8 10 9 10 Demarare ses. rs 1 6h 1 7 renich et . ; :

Calisaya ' ‘ 5 10 Ww P 15 16

Ri tosrcewid Sci be &¢ "90 00] ELandMauritius — 13 1 5 » 2 duty 470 11 2 6

Gust do "Red c 40 410 5 0 Foreign 0000 ene: uty3/6éprlb 0 4 2 2

i ral China.. r cwt 58 6 40 - 41/34 00 Brandy, duty ‘0s 4d per gal

. sas cigars bnddutys/6 1 6 6 0

Can Maia 0 60 0 pig, p ton.al0 10 1015/0 gnats 12 8 1210 ie y5/6 8 0 85 0

Cantharides filles oe Se 8-8 105/0 107/6 | Vintage of ITT 2 1210 18 0 urea —per owt :

Gum, be weconds - g ; : 0 bottle £57/6 0 0 | Ist brand 4 18% ... sme Weak nenibh-pacanch al S. + 3

njm. Sum2depo.8 Silesian....per ton 14 5/0 1410 in hhds BS Liessath 0 00 ne na

1, Cliban on spowills 0 210 OF per ton 08 ie 6 4.8 | eS eee ee to

ha 7 6 40 0 §212/683 6 | Corn spirits, pf, duty paid 11 9 11 10 , GES oan 90 910

8 310 5 00]8 rita, f.0-b. Exportation 110 2 0 east wethers .. 9 0 910

8 09 ded t spirits, duty paid ... 12 6 14 6 ent fleeces ........... 90 910

0 72 6 0 22 0 German Spirits ......-ssseesee 1 3h 1 4) 8.Dwn.ewesandwthrs 910 13 0

0 46 6 16 6 | Sugar—percwt eee libccasiicared - 9 O@ O10

tint, Hotchkiss Ae 7 © 8 | British W. India, refining 11 6 14 6 & . ss sded

ont » Turkey fine 15 3 15 6 s £8 Crystallised ..........- 19 0 2 6 y Fieoce d'tamb Anca.

enubath, China, fair to gd 15 0 13 0 0 0 0 | Foreign Muscov., grocery 15 0 18 0 —Fleeceand lamb... 1 4 5

Ti raat” & ate 0 32 0 Re ccacmeniorta 12 0 15 0 nn eh ts a

i 1 6 0 82 © | Mauritius, crys. No. 13 1418 0 18 6 09 O10

09 0 33 0 No. 15 17 18 6 19 @| 4. — a eveviene 1 1b 1 %

2 2: 0 Syrups, low to good yellow 14 0 16 0 a eceSlamb 14 1 6

ees 3 “010 | Low to good brown...... 11 6 13 6 Gate ad Be annnnn 2 LS

0 100 0 10 41 0 Bengal, Iw to fn Gurpat. ¢6 €6) ror 0 7) Oo &

6 26 0 “" 339 39 0 | Low togood brown... 0 0 0 0 st noes wehed 1 1 1 2

6 24 0 saa 0 O O | Penang, European .......+ 10 0 20 0 WN Zea f ar b 1 3 1 43

6 2.0 ston 19 5 1910 | Native brown .. 83 90 Zealand-somred, ho. 1 § tf

o9 0 0 Bede Bnglahn 1 29 0 | Madras, native .. .00 00 ome 09 010

s 4s i 28.15 27 0 | Sagyery .cece-reeses 86 26 . Fleece lamb 1 0 1 1d

5 023.0 86 0 eT csi 0 12 0 ow white .........0.. 14 %L &

i. 80.15. 31.10 | Low brOWM....su.20e0re0 0 96 Scoured, & eee ee

se 82 0 8% 0 | Siamand China white .. 0 0 @ 9 hag Th ge

beoeese cnasdbecens wank to ow = nenees :

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= BRITISH FUNDS, &c.

THE ECONOMIST.

tuck fMlarkets Price nnn BORRIGN STOCKS. BO

NDS 82

CORPORATION STOCKS. FOREIGN STOCKS, BONDS, &c.—Co,

United Kingdom.

Closing . Name. noe Prices. | autho- |BONDS, LOANS, AND) © | | Closing

Jan. 5 July 5...'3 per Cent. Consols_ ...........- 1 “a TRUSTS. Prices. i , | De tor —— of 0 Issue.

April 5 Oct. 5.. Is per Gent NOE avinswlve Z April 5 Oct. 5...|New 3 per Cente........+-.---++- 1003 1 Quarter Dosh — dan. 164 ..j101 8 6,008,200 pictenel. Bot he. «loan 110} 11

Do 2 Jan. 1804 -.| 925 923 | © Oct, 1989 84%, ae z Ge | 5,600,000] Do 8 3 Stock ...... 8 %/100 100 101 101 April 6 Oct. ee .., Annuities, Pp | 1,970,400|Corporation of Lon. Feb. 4 Aug. 4...| Do Aug. 1908 (Red Sea Tel.)) 153 15} Bonds, 1883-7 .. %|100 100 101

Mar. 11 Sept. 11/Excheq. Bills, Mar., 1,0001 3% @jils = 168 p | 2,584,700] Do do ” 1883-98... 347/100 100 101 Mar. 11 Sept.11| Do 100/, 2002, and "5001 eo 16s p | 8,000,000 Brm’ham Corp., 1946 34% 100 1 103 June 11 Dec, 11| De 1.008 June a : 8s p 54.965 Do Gas Assurnce a .| 27% 284 June 11 Dec. 11| Do 1002, 2001, and 5001 2 | Bs 88 p ae a) peas | | oy 98h April 1 Oct. 1.. {Canada Gov. Intercolonial Rl. hyo 12 830,200|Blackburn Corp...... 4 %|100 ee

in 4, 504 doll10 212 523,300, Do Irred. Stock... 34% 100 9% 96

|| April 1 Oct. 1...) Do Bonds 1910 GO rerrerceess. pit 113 600,000) Hull Corp. ae % 100 994 993 ‘| April 1 Oct. 1...! Do Bonds 1913 do ............/111 218 230,000) Lee Consrvney Db St 4 7 100 101 102

Jn. Ap.Jly. Oct. Jamaica 4 %, July 1, 1897, gr. a 2,830,680 Leeds Corp. Stk, 1927 4 %/100 108} 1094 Feb. 1 Aug. 1.. rkish Guaranteed 4%, its 105 107 250. 000| Do . ft 100 99 101 April 5 Oct. 5.. :|Bank of England Stock 5 % (305 308 926 186| Leicester Co: ° Jan. 1 July 1... Bank of Ireland Stock 6 % ...'334 337 ed weal — 4 %/100 Si ony

| April 5 Oct. 5...|India Stock 4 % = a. Tessiics ‘C33 4 | 4,000,000| Liverpool Corp. Stk. 347; 100 1093 108}

i De ed PES eel Sie Sif | 8775,375 Manchester Corp toe a ltos tur J Da tie... 83 100,000, Middlesbrough Mrt. 4 3 1100 |100 105 107 Mar. 15 Sept. 15} 0 $ Jor ASUS coceeveereesneeces | 1,000,000 Notting. Corp. Stk.. 3 % 100 |100 854 86

We. 16 Ang. 10) De De tial. te 500,000 Reading Corp. Stk... 347/100 [100 | 99 99} an

Feb. 1 Ang. 1 liste of Man 3} 2 Debentircsi00_a'_ | OO O00S, Stal Mince Des. 415 100 00 | 08 oe Ts, & ge eee ee oe 600,000\Swansea Corp. Stk. 84% 100 = 98 98)

d N I 146,242, Do Harbour Trust 5 % 100 | “ COLONIAL AND PROVINCIAL 78 860) _Do Har., 1891 ...... 447100 hoo | oa GOVERNMENT SECURITIES. rae re 1 oe ee a oa

CORPORATION STOCKS. :

Autho- Dividends) s Closing (Colonial and Foreign.) rised ame. $ ° Issue. | Due. meee | Last | . & | ¥ | Closing een — n. ame,

£ | } Divd. | ~ Os | Petes. 100,000 lApr & Oct B. Columbia, 1894...6 %/112 115 | —|—|—__—_— 150,000\Jan & July) Do 1907 ...........6 7/120 122 | %|Auckland Harbour Board 6%|100 | 100/105 107 495, 400\Jan & July\Canada, 1882-4 0.....6 %) .. | %| Do Do 6/\100 « {105 107

Jn& Jly; Dols85 ............5 %100 102 | % \Borou h of Napier Con. en 100) 108 110 6,446,686) 5" Jiv| Do 1885, ina Stk. 5 ©1100 102 | 7 %\Borouch of Tanaru ‘N.Z) . 100,114 116 600,000) A Apr & Oct) Do Domn 1908 5 i102 112 | ¢ Boston (U.S.) Stl. Loan, 1899) 100 100}104 106 12000000 } MY &Nv| Do 1904-568......4 7/104 106 | %| Do Red. 1902..........s.cesessees 100 | 100)113 U5

iMy&Nv| Do do Ins Stock 4 %| ... .. | %\_ Do Red. 1893.........e00sere+++++/100 | 100,107 109 448,500/Apr & Oct/Cape 1890-1900 .. ... 6 4/104 112 | % (City of Auckland .............-./100 | 100113 115 150,000|Jan & July, Do 1891 ........0+0. 6 %\106 108 %\ Do 2nd Issue ......ceccceeesess 100 | 100/113 115 ae Apr & Oct Do 1900 tee 5 108 103 %| Do Cons. Act, 1879.........-.100 100)117 119 700/ Apr BE cesontnins seneiats 44°) 100 4 \City of Brisbane .......0..0s-000-- +4 100)102 104

2,615,600|June& Dec] DO ........ece..essse0es ay 97 99 %\City of Christchurch (N.Z.)... 100)116 116 §,000,000|June& Dec) Do 1917-22 .........4 % 90 91 %\City of Dunedin, Deben. 1925 100 100)116 118

68,000\Jan& July) Do Wynberg, 1899 43°) ... ... %\ Do Redeemable, 1906........./100 | 100113 115 4,897,000! June& Dec { P° Deb. Serip...... 8% ‘1034 % Do Consolidated Red, '1908)100 100103 105

( Do Insc. Stock.....4% | 90 91 %\City of Hobart Town.. (100 | 100)105 107 400,000|May & Nov \Cape amennsicomagadeesnth «4100 102 %\City of London (Ont.), 1st Pref|100 100/100 102

1,766,000|Feb & Aug) D0.........cccc-seeue 4 %\101 102 %| Do Waterworks .............. 100 | 100/109 111 150,000/Mar & Sept Fijian Gov. Deben. 4 1100 102 %\City of Melbourne, i ..(100 | 100/108 110 100,000] Apr & Oct! Jamaica ...........0. 447/103 105 %\| Do ee ee v--|400 | 100}103 105 985,000) Feb & AUg) DO.......-csecssuserees 4/100 102 %\City of Montreal, sterling {100 | 100/103 205 SeRpee cod sagittnnetins 1895-6 . Bt 120 $| Do Red. 1904 .......s..s--++++-(100 | 100/108 105

[May & NOV) DO..........cs.ssseeees 43°%\104 106 %| Do Red. 1909 .........cesesceee 00 | 100/108 105 700 ,000| May &Nov| Do Consol. Deb. 4 %\100 102 %\City of Ottawa, Sterling ~sgpalte® 100110 112

1,300,000/Mar& Sept!Natal ........cssses00. OF i au %| Do Redeemable 1898 ......... 100 | 100109 111 700,000/May &Nov| Do Inscribed Stk. 4%)... ... Zi BISCO BOG = ses cvccossnscesscctes 100 | 100,112 114 #22,900an ose - a. Walon °86-91 6 7 % a 112 %| Dodo 1895 ........ -1100 } 100;109 111

n y es, 1888-94 5 %/102 107 Z City of Provid Coup ‘Bds. \102 £ 8,038,000 Lan & Jly| Do 1895 to 1902... 5 % 106 112 zy of vovidense Cony. Sis. oe | 1001108. 110 1,000, 000! Jan & July| Do... Ss ‘ 105 107 % eemable 1893 ......... 100 100,103 110 7,201,000 Jan & July! Do 1903-5-8-9-10.. 4 % 101} 102% ¥ De do 1905 ........ 100 | 100,115 119 aoe Han & July Be Loan ot ese... 45 Si. § 202 %| Do do —-: 1908 ........ 100 | 100)115 119

an&July| Do do Inscri 4 %\ cos wee %,\City of Rome, ROOD icnscait 150,000|\Jan & July|New Zealand, 18916 %|110 112 ¢ City of Toronto Sterlin aoe — +: 1.000 000 ; 7,\City g Deb.|100 | 100,112 117

,000, guaran | Do 1914 .......000s 6 Zi110 112 %| Do Waterwork Debentures|100 | 100,112 118 7,283,100\Quarterly.| Do Consolidated 5 % 103 105 %| Do Sterling Consol. Deben.|100 | 100,115 117 1 £20,000)itar & Sept abe copes sesens . gj ans %| Do Gen. Con. Deb............./100 | 100)104 106

een cee ccccee fe % li Bs 5

6,000,000/Feb & Aug| Do 5/30, 1879-1904 447/102 104 6 oan cons 100 | 100) 95 a A City gto Deb.|100 sents 117 8,500,000 Mar&Sept} Do10/401888-1918 5 % 103 105 %\| Do Imprevement Loan...... 100 | 100)117 119 8,839,700 May&Nov| Do 1889 ............ 5 x! 1103 205 %|\ Do Waterworks Debens. .../100 jouti? 119 5,871,200|\May & Nov (emer Stk 4 %100 101 % City of Winnipeg .........00 100 100 107 109 call 0 Money......4 %|100 101 %|. Do Debentures .............../509 | 500/109 111

| an & July|Nova Scotia, 1886. .6 7,102 104 | Lyttel 800-000 re i / % | Lyttelton (N.Z.) Harbour Bd.|100 | 1001115 117 peapeed may : ~ meee (Prov. of)... .e é ao a é| cee enreer Board ......... 100 | 100/111 113

iedionanaabehacien A ) 4\New Plymouth Harbour Bd. /1 100)114 113

SooolJeneJei| Docc BG 100 105 | BIN Yar Cy fates 1,936,550\Jan & July|Queensiand, 1801-6.6 £109 117 Siamae Hotere ee eae) il 9,462, 299 Jan & July| Do 1913-15 .......+ 4%100 1 G] Do Red. 1919 sce. 100 | 1001112 114 2,£00, 000 Jan & July Do 1915 eosevecseces )109 1 % Do Municipal Co saat Water 100 100117 "19

468,800/Jan & July|S. Australia, 1891- {| Do Red. 1910... 1001117 119 ROOD Sorcicescocs 6 %108 120 ‘2

604,700\Jan&July| Do 1901-18 6 9/1517 § 100} 109 - 240,000|Jan & July Do 1911-20 ......... 5 %/107 110 ¢ 100)109 1:1 7,176,700}dan &July| Do 1804-1916 ..... 4 Z/ 99 101 ¢ 100 | {100 108 an & July fet aaa 4 7% 99 101 y |

afessalAls Sel Peitaici=va' itt | $ boon tue |S , 300 0 Inscribed...... % \100$ 101 , 100,000|siay & Nov/straits Settlements a 4) 6 _Z'Wanganui (N.Z.) Harbr. Bd.! ... | 100110 1:2

evernment ... 447/101 103 peas Jan & July Teemenia, 3806 Bia ¢ “iL 116 FOREIGN STOCKS, BONDS, &o

an&July| Do 1893-1901 ...... 110 122 ; 1,146,650|Jan & July| Do July 1, 1908... 4 oo 98 99 (Coupons payable in London.) 150,000 Mar & Sept! Trinidad Debntres 5% oe 100,00 |Mar&Sept] Do 1882 ............5 %|103 6 82) ext 250,00 /Mar&Sept} Do 1883 ............4 %| 99 101 | pivia aE 850,00 |Jan & July{Victoria, 1801. 6 Y/110 112 2 E |Draw- Name. Closing

8,175,108 /Apr & Octl Do 1985 .......... Fr se Due. ae Prices. tose liccetes| Seissaiir= fa | la tae , ¥| Wo 1899-190 ...... 101 102 eet aie ce ene ae 5,000,00 |jan & July] Do 1904 ............ 108 207} | Mar. Sept ari 8 int eee e.-6 X00. 08 oon eae BU Mikbbiedosniwlies cabs 4 % 1 iost 1871 —. % 98 100

OOCLApE & Oct) Do ......cscecccseceeee 4 Z%\l0l 102 | June Dec.) 1 . See aie 200,00 Lape & Oct|Western Australia 447/102 104 -s ee ee 4, ecscovcvecesccosonvce O hk 98 100 ——_ a June. Do get a . 6 8 7 98

[July 19, 1884,

@urrent.

(Coupons payable in London.)

tere Next Dividends |= < | nraw- xn Closing

Due. ak ing. Prices,

. rs eo April Oct.| 127) Apr. | Do 1863............ 43%) 99 101 Mar. Sept.| 1 | July | Do 1866............ 5 %| 97 2 Feb. Aug.| 1 | Aug Do 1871.. . 5 %| 97 99 Jan. July.} 1 | July; Do 1875... .6 %| 95 97 Quarterly. Apr.| De Gid Ln. issd.

in Brazil, "79... 44%| 87} 88} June Dec. Dec, | Do 1883 Loan ... 4}7| 88

B. Ayres, 1857 oe April Oct. ‘July | Do 1870. &%| $5 97 April Oct July | Do 1873........ ~ 6% 95 97 Quarterly “Jan. |B. Ayres, 1882...... 6 %| 93 o4

§ Do 1888 Serip ....../" 92 4 ae a ( Do £65 paid ......... bit! ea

Mar. Sep. Mar. jlian, 1842 bias’ sae June Dec.| 4 | May.| Do 1858... 85 87 Jan. July. Apr. | Do 1866............ 103 105 an, July. *Jan. | Do 1867............ 160 102 an. July. May.| Do 1870............ 96 98

Mar. Sept. July| Do 1873............ 96 98 Mar. Sept. July} Do 1875............ 96 98 Feb. Aug. Apr. inese, 1874-6 104 106 Feb. Aug. June} Do 1877............ pa? id

Se Soe lumbian, 1873 oe i a Apr. Rica, 1871 15 17 Oy see WOO PE Bacitan cin ver 13 15

Mar. *Jan. |Danubian, 1864 105 107 Jan. J /105 108

Ecuador, New Cn. 1 y 7 8 Do Pro. Ld War ...| 3 14 — Unified

Bibiathes 4 %| 50} 593 April Oct.|106) July Do Germs Pref. 5 %| 83 34 June Dec.| 4$ Do StateDomain 5 %| 83} &4}

De Daira Sanieh Con. Deb.. el

Jan. July.| 24 | June|Entre Rios, 1872.. 7 %|100 105 Jan. July.| 3 | May. |Greek Indpn. 1879 5 %! 85 87 Jan. July. June} Do 1881............ 5 %) 67 69

ve not otiappld. uatemala, 1856... 5 %| 25 35 peo Do 1869........... %| 30 35

a lee DO BBs 10 %| 3) ¢ April Oct.| 1} |*July.|Hungarian, 1871... 5 %| 96) 97 Jan. July.| 14 |*Oct. | Do 1873............ 5 7) 9% 36 Jan, July.jn’ne| ... Do Gold Rentes 6 7101 14 Jan. July.jn’ne| .. Do do 1881 ...... 4 %| 744 74 June Dec.} 1 Italian (Sard. ) 51 5 Z| 97 Jan. July. *Dec. | Do Irrig. Guar. 6 7/110 113 Jan. July *Dec. | Do 1862 Marem.

Railway 5% 91 93 Jan. July ioe Do Tobacco Ln. 6 %| .. _«. Jan. July.| 2 |*Apr. fb BETS. .c.0ss00 7 %|105 107

ews «. |Liberian, 1871...... 7X) cee ee ove .» |Mexican, 13651...... 3 7| 223 23 “~ ; Do 1864............ 3 x

May Nov.| ... |*May.|Norwegian, 1876.. 447 Jan. July.| ... |*July.| Do 1878............ 447,|101 103 April Oct.) ... |"Oct. | Do 1830............ 4 | 99 101

one «. |Paraguay, 1871 8 8 10 oes Do 18772........... 8 %| 8& 10

Apr. Peru., 1870 Certes. of Reg. Attached 6 Do 1872 Certs. of Reg. Attached 5 | 12} 13 Portuguese1853-80 3 7) 48 S

.. |Russian,1$22 — & % Jan. July.| 2 |*Aug. Do 1850... Z, 90 92 June Dec. *Mar.| Do 1860 se May Nov.| 1 bi Do 1859 66 68 May Nov Do 1862 90 91

Do An ~—— . 138, 1000... 5 | 95 97

April Oct.| 1 |*May.| Do do 1866, 100i 7 J May Nov.| ‘15|*Aug.| Do(Nic. Rail.)... 81 = Feb. Aug.|-008/"Feb. | Do 1870............ 5 | ZA |e ie Mar. Sept.|-098|"Feb. | Do 1871............ 5 7,| 9 * April Oct.}-098/*Apr. | Do 1872............ 5 7| 904 = June Dec.}-098/*Dec, | Do 1873...........- 5 %| 20

, Do 1875.......0+++ iy | 33 5

369 6 {| 12 14 8 Domingo, 1 6 4 56 88

2%) 44 A

5 {100 ; 58 =

; 445,102 1 ee mi 4 98 -

, ?| 99

pril ul . 5 %| 86. 38 April Oct. in Tri. 447,| 653 064 April Oct.| | May.| Do 1877 (Det.)... 5 4) 773 xt

Mar. Sept. we | Do 1858 Reg. ... 6 2) 374 3 Mar. Sept. Rs Do 1862 Reg, $4) 274

Mar. Se A. Do Gen. ws

Mar. Sept. . be Do 1865 Stampd 6 %| | 15 *

Mar. Sept.) ... | . Do 1869 Stampd 6% 78

Mar. Sept. i. | Do Treasury : ‘| - B,, C. Reg "9 4 14 Ss

eos eee Do 1873 stampd 6 7 6 7 8

»| 103 105 April Oct. bien a Olas), aa *, ioe

t so nine Sramings axe vesthy Te Gimost all othet

asterisks cases, where there are drawings, balf-yearly-

Pn a a”

July 19, 1884. | etn

TT aa

TOCKS, BONDS, &o.

FOREION eens abroad.) :

” en Closing Di ends i Draw-| Name Prices.

Due. (52) ing. | See eee cm al el “ é

ri 1 Argentine He Dis. 6 %| 87 83

j as. n’ne Austrian Sil, Ren. 5 %| 66 68

May Nov n’ne, Do Paper 1870... 5% 66 6S

May. ‘Oct.n'ne| .. | Do Gold Rente 4 7) 85 37

jan July.| «| + Dutch Crts ex 12gs 24% 67 69

April Oct.) +» | | Do do do .., 2/102 104

Quarterly. ave | a wineit ite a aes

| O srecsaccsees 4

a “| ™ | Do Redem....... 3 4} 78} ist Jan, July.| ... \“Dec. \Italian, ex 25f...... BZ 92g 92

jan, July. .. | «+ \Prussian Consols, 4 7)1009101) ‘terly. .. | «« |U.S, Extd. Redm. i arae

Quarterly. ... | + | Do Funded 1801 457)114§115} Quarterly. .-. |. | Do Funded 1907 4 4/123 124

| Virginia s.ssseee 5%} 38° 38 ee peeks eee

mee aaa? Do Nw Fnd 1905 6 %| 37 _ 39

~ AMERICAN STOCKS. —————————_- ror

Autho- ¢| Closing

rised Name. Prices.

Issue.

$ Currency Bonps, &e. 1,750,000 Alabama, Gt.South. 1 Mt. 6 908/108 111

1,000,000|Albany & Susque. 1 Mt. 7 120 125

§,500,000| Atchsn, Topeka, Santa Fe mg 91 93

3,300,000/Baltimore & Pot. (Main) 6 1,500,000} Do (Tunnel).......+.+++++ 6 11,000,000/Buff. N. York and Phil.

Consolidated Mort.

PLALILINLILIL

6,500,000|Burlingtn C. Rapids, &c, 5 % 1 203 107 14,000,000/Canada Southern, 1 Mt. 5 % 1908} 99 101 20,600,000/Central of New Jersey Shs.| ... 25,000,000|Do Consolidated Mrt.... 7 7%|1899)1°4 110 6,550,000 Do Adjustment Bnds. 7 7 2,450,000 Do Income Bonds...... 7

592,755Sh \Cen. Pac. of Califor. Shs. 3 25,915,000} Do lst Mortgage......... 6 2,000,000} Do (Cal. & Oregon div.) 6

10,000,000 Do Land Grant Bnds 6 %|1890/100 105 10,000,000/Chic. and N. West. Deb. 6 %|1933) 96 10,500,000/Chic. & W. Ind. Gld Bnds. 1932} 101 2,500,000/Chic. Burling. & Quincy 5 %

20,404, 261/Chic. Milwauk, & St Paul evs 4,000,000/Chic. Mil. & St Paul 1 Mt. 6 %j1909})111 13 1,500,000/ Do La Crosse & Daven 5 %|1919) 96 98 5,290,000 Do Hstngs. &Dak.1 M 7 Z|1910)118 22 15,849,000 Do Pacific 1 Mortgage 5 % 96 1,528,000/Chicago and Tomah ...... 6 ata Do St Louis and W. 0. 5 11,244,336/Clevelnd & Pittsbrg Shs. 7 soe 20,000, 000/Delaware & Hud. Canal Shs.) ... aca Do lst Mortgage ......

000, 000) ‘ 1,000,000} Do Mortgage Bonds ... 7 %|1894)117 20

30,000,000 Den. & RioGr. 1 C. Mor. 7 % 3 50,000,000; Do Com. Stk. $100 Shs, oe 2,000,000| Detroit, Gd. Haven, and

Milwaukee Eqp.Bds, 6 %|191S)116 18 8,200,000) Do Con. Mortgage...... 5 Z1918/116 18 4,500,000\Galvest. & Harris. 1 Mt. 6 %/1910|106

29,000,000| Illinois Cen. $100Shares 7 Z| ... | 2,000,000} Do Bonds, Ist Mort ... 6 %{1898)113 15 10,000,000} Do Leased Line ......... 4 Z| --. | 85

50,000,000) Lake Shore & Michign 8. 8 %| ... 8,000,000/Lehigh Vall. Con. Mort. 6

20,000,000| Louisville and Nashville Mortgage Bonds...... 6%

2,000,000} Do Sinkin Fund Bnds 6 18,133,515} Do Capital Stck $100 Shares 5,000,000} Do 1st Mt Bds.,N Orlns 6 %|1

19,900,000/ Miss, Kan, & Texas, 1 Mt. 7 %|1904)100 103 1

MDLNLNN °

Jaw ®

930} 94 96 7 30,000,000 New Yori Central Mt. 7 % 903,128 ,

89, 4 j © $106 Shares ......... 8 % ee mt | Dodiv.aae.te ka dij 8 Z|... 104 109 78,000,000|New York, Lake Erie,

Western $100 Shres. vee | 18} 133 £36,000, Do Pref. $100 Shares 6 %| ... | 30 3 16 66, Do ist Con. Mt. Bnds, 7 % 118 22 818,100 DoCon. Mt.Fd.C. Bds, 7 %|1920!115 20 897,400, Do 2nd Con. Mrt. Bds, 6 % 53 64 £08,008] Do Gid. Incme. Bds... 6 a ae 58,.0, New York, Ont. & West uu

om, Stk. $100 Sha. “a £9,081,000 N.Yk.Pen.&OhiolMB %|1905) 344 ssf Pye 000} Do 2 Mort. Bonds ...... %\1910; 8 9 ewe Do 3 Mort. Bonds ...... 1915) 34 4 1 00 Norfolk & West Gen. Mrt. 6 %|1081/103 06 Soe Do Pret, Shrs. $100... ~. | 33 36 20000 North Pac, Ist Mrtgage. Bds,/192 |108 5 1000,000) Ohio & Mis. Ord. $100 20 22 Teen Do Preferred ........... 88 92 12.900 oe) Oregon & Cal. $100 Shs Cm Stk 8 10 740000) Do Preferred Stock 18} 19} 400,000 De ist Mort. Bnds. ... 70 7 ete’ Panama Subsidy Bonds 6 %|1910|102 103 Fmt, 550| Pennsylvania, $60 Shres, w+» | 55$ 56} sane Do Con. Sink. Fd. Mt. 6 %/1905)118 22 429003000] Do 44 Gold Bonds 1025 3h so 875) Philadel. & Read. oe | 185 13 100d et) DO Det, Inc. Bonds. ......ssees|_ a 6} 16.500 Pittshg.F.Wayne.& Chic, 8 %|1884] ... ... oe St. Louis & S$. FrancisceCom.| ... | 20 30 et Do Preferred .......:0 7 30 40 5790 o) Do Ist Mortgage... .6 & 12 Cr 000 Do 2rd Morkgage %|1906) 98 108 £000, St, Louis Bridge 1 M Gi 7% pe = G00, 000 DoCert.for2 Pref. Sik. 42 46 £:000,00018 Pac of Cal. 1M B 6 %1906/103 5 00'368 so at -Rail. of St. Lus. $100Shs. ou 3 863, 500| Union Railway 27297 one 782% iinnnaenagst ae 83 35 8,000" Do ish M ssevesoe 6 a 0 13 000 Union Pacific 7% 04 > abash, St. 6

erga &

THE ECONOMIST.

AMERICAN STOCKS.—Con. BANKS.—Con,

Autho- 3 Antho- Last | mea % S| Closing rn s| | a ‘Annual iCh rised Name. 3 Prices. rised | Divi- | Name. 413 oo Issue. Issue. | dend @2 | fa | *FiCes.

Currency Bonps, &c. £ | cons | 50,000,000; Wabash,Gen. Mort. Bnds 6 %/1920| 41 43 50,000 7 % (Lond. Bank of Mex. Bad 3,857,000} Do. Cairo Div. Bonds 6 %|1921) 75 £5 | &S. America, L.| 10 5 | 4} 4}

STERLIne Bonps, 80,00015 % (London Joint Stk.,L./100 15 | 394 404 85,000 gees South. Lim. é 40,0001 4 % Do New Scrip....../100 | 22}) 37) 39

% Pret. 101 Shs. 4/%) ... | 9} 10 50, «. |Mercantile Bank of i | 156,600} Do B Ordinary ......... wi ff 4 the R. Plate, L.| 20 | 20 | 1 150,00C Alabama, New Orlean 100,000} 8 % |Merchant, Limited) 20' 5/| 3} 4

Texas, &c. Pf.10/ shs. 5 6 150,000.11 % (National ............... 50 | 10 | 244 25 250,000} Do Deferred 10/ shares wl : 200,000'14 % iNat. of Australasia} 5/ 4; 9 10 700,000) Do 6 % Debentures...... 6 %| ... | 85 87 30,000, .... {Nat. of Liverpool ...) 20/10|.. ...

1,300,000//Allegheny Valley guar... /1910}123 25 | 200,000: 7 % |Nat.ofN.Zealand,L.| 10| 34) 2% 3 715,600!| Atlan. & G.W. Lad. Lines 7 2/1 | 15 25 40,00020 % |Nat.Prov.ofEng.,L.| 75 | 10} 41 43

1,520,000 Do Western Extension 8 7/1876 50 60 | 133,750:20 % | DO a-nevssssssesreren 60 | 12 | 48} 4 480,000/} Do guar. by Erie Rail. 7 %| ... | 50 60 16,875.20 % | Do1890............... 60 | 10 | 454 46 805,500/ nar . —— — es a © 50,000.10 Z% _ London & Bra-

805,5007 Do 1% Mort, Deb... 4% | 73 76 80,325 58 % lworth-Eastern, Lit. 20 | 6. "Sh "el 800,000/| Baltimore and Ohio ...... 6 %/1895)112 14 100,000, 8 % \North-Western,Lim.| 20 | 74) ... TAMRINENE | BID ccs ccacceqaccanscecetcnenne 6 Z%/1902)116 18 60,000 ... (Oriental Bnk. Corp.| 25 a 2,000, WI cia eiachietpcanreapernein 6 e987 a ° 40,000 12 3 presvintet indies }100 | 124 r= Set 1,600, BOW SHOE cascadscchecapinreund 5%) 4,00013 % | Be ils vacsneccects 20 | 10)

"875,970 Chicago & Alton Sterl. 100,00012 % |Queensland Nat.,L.| 10) 5 {11 12

90,0001, Chie ar wae Taal at | Saooeti2o 2s | soeneds % [Unionol Austraiia.ie| 73 | 35 | 70 72 5 iChic. M. eae 1 23 000° % |Unionof Australia,L.| 75 7 2 500, 000/|Cleveland, . yy &e. 6x ee . —_ . % go London, L. = 354 S sa 631,000/|Eastern Rail. of Massa. Zi ,000 % SOW ices 6 inte 2

1,000,000//Dlinois Cen. Sink. Fund. 5 {1908 108 3 49,975 6 % 'U.ofSpainé Eng.,L.! 20 8 at a GOUT TOG oan cicccedccccsceseseces cee 6 %|1895 Ee eee ee

200,000! DO veccccecccsccccssesneessee 5 %/1905|105 7 z sia 240,000/\Illinois Midland ......... 7 %\1992| 30 40 INSURANCE COMPANIES,

1,000,000/|Lehigh Valley Consoli- ated Mortgage A... 6 %/1897105 7

500,000/| Louisville and Nashville 6 %/1902/111 13 | Autho-|Let Ys | ¢ |. | Closing 700,000/|Memphis and Ohio, 1st 7 %{1901119 21 rised | Dvdnd| Name. | 413 | prices 800/000/'N. York & Canada Rail. 6 1904108 10 | {egue. |Pr.Shr.| a | 2 |

2,000,0001|New York Central Mort. 6 %11908)117 19 |} uu. — ——_——— — ena $8,000,000/| New York, Penns, & Ohie £ ead

Prior Lien Bande... : % a ore : 60,000} 1 13 O/Alliance Brit. & For.'100 | 11 | 36} 37} 600,000/| North. Cen. Rail.Con. Z| 0,000} 1 00; Do Marine, Lim.|100 | 25 | 20 569, 3007 Paanann Gleneent Mort... 7 %/1897|114 16 , ,000/*1 10 0} Argus Life ............ 1100 | 28 | ...

$, 999,952/| Pennsylvania Gen. Mrt. 6 %|1910121 23 24,000; 0 18 O\Atlas Fire & Life .... 50} 6| 13 15 6,000,0002; Do Con. Sink. Fd. Mt. 6 %/1905)116 18 60,000) 1 2 O/Brt.&Fr.Marine,L.| 20} 4/| 21 22

240,000/| Perkiom. ne nected 6 per ere ane 20,000; 0 4 en a oe om : | ove 4 = Do Exten crip ... pos 0 eee” Uae 200, we ity of Lon. F. Lim.

$5,000,000/| Phil. & Erie Gen. Mort. 6 %/1920.126 1 100,000} ... {City of Lon. Mar. L.| 10} 2) i 1

2,000, 000/| Phil & Read. Gen. Cn. Mt. 6 %{1911110 12 6,000|*0 10 OjClerical, Med.&Gen./100 | 10| ... ... 2,000,000/} Do ones Ss : heen = a: , 000 , . Semanal Unies) 8 J | 174 18} 4,000,000/, Do Gene ortgage 6 Z| 4, » unty Fire ......... are $415,230) Do Scrip for the 6 de- 90 100 6,160 B. : ag Life ............ | 50 S ~ 4

fer: coupons...... we | 9 ID ccvuspeccocsmscsee } 5 $1,332,890/) Do Extended Scrip ... ... | 80 90 100,000} ... {Employers’ Liabilty; 10} 2) 1g 2 1,300,000/| Pittsbrg. & Connellsville 6% 1926119 12 10,000} 0 17 6|Equity and Law .../100/ 6/... ..

Henig 2 ah Eone Sums We | sed © Sonatas | 8 it ® 600,000//Un. Pac. a B. 8 Z os e s »L.

369, 2001; United N. Jersey R. & C. 6 %/1894/110 12 000i 0 8 0/General Life & Fire.|100 Ot omnes

1,133 3004! Do dO ciccccccscsecessereee 6 Z/19OLI1Z0 22 «. |Globe Marine, Lim.| 10} 2/ 1} 1} Se Soe ae - Greshem crete as

000: 3 0 O/Guardian Life & Fire|100 | 50 | 57 59 BANKS. 000i 7 O OjImperial Fire......... 1100 | 25 [148 153

l | “1 0 Olmperial Life......... 1100 | 10 | 22 24 Autho-| Last ls Closin ; Indemnity Marine| 20| 7 | 14} 15}

| Annual lois g 000: O 8 OjLancashire ............ 2 2| 44 5

rised |" Divi- Name. | 4 | & | Prices, 9001 0 15 O\Law Fire...............| 100 | 23] 16 17 Issue. dend. | oo | "4 56 O|Law Life............... {100 | 10 |112 115

100,000, 58 % \Agra, Limited......| 10 | 10 | SF 10 “So Fire, Limited| oH tal 8a 150,000 3 ¥ ngio- : 2 eseesel cae ees 1 00) pl, : ; . | : 2

ais 6, & Amiecacr 3 | “igo £83 Dacian ||| a , 000) % 4 lp Ste! e 35, |LONGON cesseceeereeses

60,000, 674 % jAnglo-Forsign, Ls) 2) SE S| e030] 0 5 ojLon. & Lancashre | 25 | 24) 44 6 so pot 4% (Bawk of Africa, L...{ 25 | 124} 58 6b | 20000) 0 & Olrondn. & Prov. Law| 58| 7§| << 40,00014 % Bank et Australecia) = = a 3 50,000, 9 6 O\Lon.& Prov. Mar.,L.| 20} 24) 3% 43

2 . 12) < k . Fire} 2 coe see

12.600) 74 3 [Bankot B- Columbia) $ | 10 | 108 125 | 102,000) | jLondn. & Staf. Fire| | i 2 20,000; 6 % Bank of British Nth.| | oo | 52 54 50, on Maritime, Limited) 10 : 3

INCFICH | o+- 2000 100, ... |Merchan r., L.| 10 :

wmendss x formant 2) f) gt S| to 2 Se Bye Mera) at a 000) % \Bank of Egypt ...... 00, ... |Nat. Marine L. ...... 2 50,000!174 % Bank of New South! 20 | 20 | 6s 66 OO 2 10 0|Northern vevvesseeens {100 10 « *

sonconlss. x lmaak of 8. Seana) to | 30 | 55, o2, | SRtan O12 Secs Meee ne en ee 50,000| 7} % |Bank S Rumania. S s a 2 6,722/10 10 O/Phonix .......0..000. 50 50 (215 =

gr 000 & lnk of Victoria, | 60 | 25 | 85. 87 | 200000) © SOR iccnger| 10 |) TE Sh 100,000/10 % |Cen. of London, L...| 10) 5 | 10h 118) oon oon 9 “8 6)Rock Life ......... 8 acl 78

A 7 a rtered of India, 20 20 224 234 689, 2207) 20 0 oj Royal Exchange Istk. 100 1870 =

Auten, ooo 100, 1 5 en ee = = B | * :

w0,000) 5% natal Ind Late| 26 | 25 | 172 18 | olay “5 olsun Fire cnncenon| os | az | me 100,000.10 % |City, Limited .........| 40 | 10 | 194 203 | g’so0/#2 14 0) Do Life...nvs.vo.00. [100 | 10 | wn. ane

'000/16 % |Colonial .......... ---}100 | 90 100,000, 0 12 0 Thames & Mersy.M.| 20 | 2 | 103 103 80,000, 6 % jCommercial Bank o 3| % 2 1,500}24 0 OUMIOM ....0.....++000-2-|200 wa

Alexandria, L... 3 1S a 41,2001 0 4 3|Union iar Liv., L) 20 | 43 5k

200,000] 9% Com. of Austrata.ts| to] 4| 7 14) 5000 2 11 OUntvere ee in| 20| 8| Ok Ot "0, 8 5 at & Lesten, 95) S | ~ = | Ae ee

: Y iRngli t Rio : ee sacoe1e 4 Rnglish Bank of iio 20} 10) 11 12 * Periodical cash bonus in addition.

75,000, 5 % |Eng.B Che 20} 8| 6k 63 ——— ———— , lish, Scotti

60,000}10 % [Ene dtzalian, Chr.| 20 | 20 | 30 81 RAILWAYS. 100,000 Egyptian ...| 20 | 10 ll 12

40,000! 7% \German B. of Lon. L.| 10 | 10 | 10 11 Oxprary SHARES AND STOCKS.

10,000/143 % |Hong Kong & Shan.| 233) 284) 50 52 60, 8 perial, imited...| 50 | 15 | 18} 1 5

600,000) 15 Ottoman..| 20 | 10 | 13§ 14 Autho- Closing 50,000, 6 of Lon.,L.| 20 | 15 | 13 > rised 11,473) 6 TOMIAD 42.00 .000e0000e" * ef “ * Issue. Prices. 11,473) 6 WIP scasisincses Le SS

Mo.000 t & flon-e Hanseates | 90 | 30) 1h 12 | S00 DO Peto rnc 1 12} & Provin 0 : ” Caledonian, Consolidate ...

st, ; Lo ing Sa oir ee oe 1 EE oaTl 190! Do Deferred Ord. No. 2 ...| «.. 60, 7 Li ited... 7 7 5 6 ees rereeeceeeee odie. * a 5

20, BR % S. Western, L. 50 } 140,000) 17 Westminster, 2

Limited .......+..++s- 50, 6% Chr. of Austral.' 20

es

seeneeweneneeeeeerer®

fat i

3 THE ECONOMIST. [July 19, 1884,

id RAILWAYS RAILWAYS. RAILWAYA. : 3% . Seema, PREFERENCE ES AND STocks.—Con, ; | ; 3 4 OrprmarY SHARES AND STocks.—Con, DEBENTERE Con. eyes ee aT actatiy

Was | ea ao Closing | Autho- Closing Closing 4: % Aatho- a ‘ ; Name.

\ } . _— 3 =. Prices. =. 2 Prices. Prices, : « |

i be panache [09 | "1,000,000/| 100 |London and 8.-West. A 4 %|118 20 | 1,880,000) 100 | | Do convertible, 1889 ......... han sae os 2,642,000! 100 |Furness, Con. Ord. Stock .../106 5'964'7601| 100 | Do, do B.. . 4 Ziti8 20 | 2,602,088/| 100 |Metropolitan 4 % Stock ...... 1108 210 eo 4,927,9201| 100 [Glasgow & 8.-West. Ord. Con. 109 111 1264, 7600) 71107 209 Fe MU sstnnssidnssguvivesies 105 108 $i ean? 653 270,0001| 100 |London, Tilbut 43% ; ; ; < ie 11,668,558// 100 |Great Eastern, Ordinary Sey ooel| 100. [Mane » Tilbury, &e. ¢ ‘Iy9 321

Haid 640,000) 70 | Do New Ordinary Stock «| 2g. 7'2921| 100 | D0, dO oassscsrveesoveenvens 44 %|124 236 ‘189 at ieee. . 81,555i| 100 | Do Deferred Ordinary ......| 65) 654 2,233,3111| 100 |Metropolitan .............-. 4 Z\113 115 BL OMIT sesskticnspvtnnse {123 125 li {eee ae 2 one BG Rn edger ne gpa: "B5S,2681| 100 | DO .e.sss.secsseeserrneeeesees %1120 122 Bos e Fret SpocN nen, HD IES ' 5 EES ce Ne ir 937,073/| 100 |Great North o oe ie es | Ce istrict ... 6 %|158 162 A con. g.'3e | 12 a fs eg ee 8,367,977/| 100 |Gt. Northern Con. Originaijtil 3 —— — — nee ° oho7 109 Do 4 %'1880,Shs,con. Ag..’87| ist i 12 j : a ‘ # 1,159,275/ 100 DoA{A receives no div. ) nS 1b 907 664i 100 a, er — 4 y 119 21 Do, 1881, a . Pref. 4° °/ 112 114

{ oj ihe totes 1,159,275/| 100 | Do Bj un ¥ is paid B f j15 788 9701 100 |North Brith 4 114 116 North British n., 4 %,No. ‘2\106 108 : 4 ts : aie $,192,359/| 100 |Great Northern (Ireland) ...| ++ +» an eral 100 | DoEPand DE. y ee Do E. & G. Preference ...... 116 118

Di tees 3 oa 4,980,840!) 100 Gt. Sth. & West. Ireland) Org. 82’ 955i 100 Do e 4 7 124 126 Do 1865 Preference ......... 124 126 ogra Sy 19,668,4£8/| 100 |Great Western, Con. Ord. ... 190} $08) 7 tel Ee if Cl114 116 Do Con. 5 Z Pret. 1874 "1195 197 ; | hg aegl eee 1,777,270! 100 Highland, Ord. Con. Capital.) 87 £0 | |, BOS SO) AO | oethMaster a Sl 21 D043 %, WB oeeccsscccsssere, “ha 115

1d tee 00,000) 10 |Full, Barnsley, W-Rdg.Junc.) 4, | 'P1s8'1101| 100 | Do PS 4g Ziiga 130 Do dt Y Con, Bret isis” lie tie i 2 Para es Rail. and Dock Shares tt | sb64'seed] 100 [North London ~~ 44 7123 125 Do 5 /Convt. Pf. Stk., 1879/123 125 (he Git s 4,102,095// 100 |Lancashire & Yorkshire, Con.|-13) 244 | 964, rdshire ... 4} Z|116 118 N. Eastrn,Stock. &Darl.Cl.D) ... ; i age ns ht. & 8. Coast, Ord. }115 117 1,831,691) 100 [North Staffordshire ... h rs i Pe se 8,068,100i/ 100 | Lond. Brig 067/| 100 |Rbymney Perpet. 4 %|107 110 Do %,Redeem,,1Jan., 1894! | 14 te oats 1,893,450i] 100 | Do Pf { Df recivs, no div. } |185, 37 4717501] 100 |South-Esate sa Penpetend 4% i14 118 De Blyth and Tyne, 4'% .../111 113 ' qo ahd 1,893,395i) 100 | Do Df { until 6% is pd. Pt § 044 é oat a 5 Yat 143 Do New Pref. 76, 4 % ....... 112 114 1 8; Siege eee 809,395] 100 | De Cert. of Contin, Rights 2 : 4 Z/112 115 North London 44 % (max. 5%) 127 180 i) 2 | esiteaeee @ 11,121,651/| 100 |Lond. Chat. & Dover, Arb.Stk at ot mone ap enna ag ee +1100 108 Do 4} %, 1875 tas 117 i i ; : 4 fe M4. 4 soressrit'! 100 |London & N.-Western, Con... 62 = dn eee ete See ees Ce —— taffordshire 4 sevaee (L293 180

' ; £eotets ... | Do New (May 6, 1880) ...... GUARANTEED SUARES AND STOCKS, % 1878 Siete seintac 117 119 tid Coe se og 10,260,694/| 100 |London & Sth.-Western, Gon,|:30 31 saat pete tee +f oe 3 j : . wa svn 789,370i| 100 | London, Til. & Southend, Con.| 145 148 1,571,575t) 100 |Caledonian 4 % Guar. Annui seem en 50 155

ge eS 800,001 75 | Do New, 1888 ...s.0..-..+000 125 180 | 8.667, "164/| 100 | Do 4 % Consolidated. Guar.|109 111 y mney 6 %, 1864 5 ist Pi.| 2 9 ‘ i: Pes Te (| 100 |Man., Shef.,& Lincoln, Ord....| 744 754 250,0001| 100 |City of a W. C. Guar)... ... Do 5 2nd Preference 110 15 2 2 Ret a Pf Df recivs. nodiv. } |111 213 200,0001 a Do F. W. do »* & 8. W....) ... coe | SR eee | are Sfp Sie See eee ooonne £ “+ 58338361. | 100 | Do Pt { yj ; 00 | ; Do Bath Ext. 5 % Cons. Stk.| 98 100 1 ¢ se ie ' % { 100 Do Df r] until 6% is pd. Pf} 35} 36} 400,000/) 1 00 |Cornwall qe "Yo puvateree sche ane g,- rn, Con. 4i % Pref... (120 199

i aie 4,531,830/| 100 |Metropolitan, Consolidated ...|1164 17 111,600/| 100 |Forth Bridge 4 7 dgeiebecasnstinss 44 5 Deo yh diene 37 1399 1] 2) Pee 83,270/| 100 | Do Pf § Df recivs. nodiv. | serie 779,125i) 100 |Furness Consol. Guar. 4 % ...)108 110 Do Hundred of Hoo, “fa 104 ih] aah ergs 83,270/| 100 | Do Df ( until 6% is pd. Pfs | 70 80 arenes 100 |Glasgow & Sth.-Wst. Guar. 4/109 111 Do West Wickham. “103 105

, * Ae 250; 00011 100 {Metre ait n District, Ord... {38 0 eam "0311 i ago ee Charge 110 412 aff Vale, 6 % Preference. ee 151 yi as . 2,250,000// 100 |Metropolitan Distric 478, ™m : oS | “env anall in litent Tanke RY tut Dow i yi {: : 26,427,051/| 100 |Midland, Consol. Ordinary .. 34 650,000i| 100 | Do 5 % Metropolitan Stek|135 37 232,600/| 10 West Lancash. 5 %, Ist Pref. 2) _3t 24 3h tie bg 5,254,303i| 100 |North British, Ordinary .. ‘oT 47} | 4,966,596!| 100 | Do Consolidated 4%... [| em

{ ’ i aa: 2,422,485/| 100 Do Edinburgh & Glas. Ord.| 36 363 | 1,298,262:| 100 (Great Northern, Perp. 5 4 141 143 InpraN Raliways. L) oe 22,580,635/| 100 |North-Eastern, “Consols” ...|1623 634 | 1,263,700 100 | Do 44 % Con. Non.-Con. Pf.|123 125 saaeel ak Nad Ware aT : S| ome 1,975,000;| 100 |North London, Consolidated |169 74 | 1/329,100,| 100 |Gt. Sthn. & Wstn. (Irld.) 4 %|103 106 106.000 5 Ben Centra, I ay Lim ccedl | 5

Sia é 3,230,140.) 108 |Nth. oe Con. Ord.} 88} 88} 7,619, 878/| 100 |Great Western, Rent Chargej141 143 ; Central! TL a) oe 276,000/| 100 | Rhymney .............ereeeeereees 175 180 | 15,003,073: 100 | Do Consolidated Guar. 5 4141 143 2560, oe eo Bonsante A 5 .(149 18%

7 | 4 4 8,400} 2 Do New Ord. 102 Shares ...| 12 13 1,404,929/| 100 |Lancashire & Yorkshire, 4 %/114 116 2,256,5201| 100 |Eastern Bengal Guar. 5%". ... : ; i 497,437/| 100 |Shropshire Union ............... $34 384} 794 :040/| $00} D067 added cried 169 % 411,808/| 100 | Do 4 % Debenture Stock... 13 1,054,680/| 100 |Somerset and Dorset ......... 6 68 288,375/| 100 | Do6 % (East Lancashire)..| ... ws $28401/14/3 East Indian, Ann.A, 1958.....| 254 26 | 3 he 8,326,700/| 100 |Seuth-Eastern, Ordinary ...... 123 25 1,955, 8604| 100 |Lon. B. &S. C. Con. Guar.5 %|138 140 eoa | | Do Annuity B 195° 2

i we 2,791,710/| 100 | Do Pf { Df recivs.no aay. ; 145 147 155,556/) 100 |Lon. C. & D. SheernessRt.-Ch.}118 120 6 550 eee ne pn Gag i a B. oe Sf as 2,791,710/| 100 | Do Df until 6% is pd. Pf § |103 103} | 15,100,406/| 100 Lon. & N.-W.4 % Guaranteed|116 118 | 9,550,000)... | Do Def. Aum 7 |

a} ieae 632,7707| 100 | Do 1882 Issue .............0000 109 11 7979811) 1 Sim. &8. W. Cons. Guar. 4% 115 117 20'000 0001! 100 |G. Indian Pen oar ‘wha 144 : | 1,202,100/| 100 |Taff Vale, “Stock” ........... (280 285 872,000/| 100 |Manchester, Sheff, Lin. 6 %|156 160 | 20,000,000 100 1G. Indi ” Debenture Stock."|105 107 155,001) 20 —— Lancashire..........c000.0. | 8 4 | 1,066,083/| 400 | Doles Prelerence 44% 12 94 | Srer* Sood Jom (Madras Gunseateod 6 X hr rf ‘ ae 866,698/| 1 © sninntiensiacdiaiedniiil »767,850/) 100 |Madras Guaranteed 6 {, ...... 20 192

| ee ae goer ooel| 100 | Bo Urredeam. © A nk Ch); ig | “sonjonol 100 | Der do 4p 9 “othe 118 i Lines LEASED AT FIxED RENTALS. 1,797;428/| 100 | Do 44% Rent niet Eating 114 116 4,000,007 100 \Oude& ikund, Lim.. g. 57,|126 128

‘ cml | Meten. then Chomp ing “i115 117 | 884,700!) 100 | Do 4 % Debenture Stock ../106 108 ' : | Leasing Closing | — 300,000! 100 | Do Fulham Exten. of Zi116 118 eee S eae Fe nat abelilg % 196 bay

Name. 1,250,000/) 100 | Do 4 % Perpetual Guar. .../106 108 | 11,418,900// 100 |Scinde, Punjau Chios | Companies. | Prices. ; Lall paid 04 106 100 |South Indian Guarantee 5 1196 128 ; 378 ,0001/ inl Do Scrip. 941 a id ..... |104 1 ssoo0oor { 100 | Do, do 43 % ae seni snttetibenticasl 350,000¢; 100 | Do Midland “7, + oe - 425.0001! 100 Do. do 4 ae Sti. i116 117 4 Birkenhead . ‘ L&N. W.&G W115 117 | 8,205 ,4311| 100 |Midland, 4 % Con. Per. 116 1 5 190) 90 Weouthern ratta (guar). L.| 20} 20}

400 | Dead 2 Pref, | Do, 3a 86 | $.9048771 100 | Do 4 5 Guarantead Pret. lite 118 | 06,100) 90 Router Haratte (gust) j 100 Colchester, Stour Valley Great Eastern | 82 87 . 2,444,1291| 100 North British, Con. 4 f No. 1/108 i it 500'0001| 100 |Nizam’s * Guar.....|

300 | Rash Linecimahire, G00 seinem fsnten | “entero | be Gin’ pe nar aed 30,000! 13 |West of India Portuguese 8 %| i3} 19. Associa '121 128 050,000. 100 o B an eoee

= {Ste eee —s 8,152,74711 100 wn, West Hartlepool re hn14 116 BRirIsH POSsEssioxs. 100 | London and Blackwall ... |\Great Eastern |123 125 58,500} 20 |Nort ordshire 5 %......| 26 27 | ——¢533 Go Buffalo and Lake Huron ..... 1} Ui} SOD |» BIGOE % oessonsnssicsenascze |_ Do 1 40,000} 20 |South-Eastern (Read. Anns.)) 27 28 07, boot! 100 | Do let Mt. 64 Perp. Bds'70 122 12 100 | London and Greenwich.. 'Sth.-Eastern...! 71 73 984,300) 100 | DoConsolid.ted Guar. 44 {121 2 660,000/| 100 | De 54 % Bonds, 2nd Mort...'122 124 100 Do do, Preference ...... 165,000 100 |Taff Vale, NO. 1 ..,.....cse000008 280 285 500,0001 100 |Canada ‘Central 6 % Ist, Laie 50 | ING aici nssigasccscoa on: OO}. Dodo 6 2% isis. .ciscssess . . at 2s a 50,000/$100 |Canadian Pacific $100 mvs, i -* 100 | North British Consoli-' | | PREFERENCE SHARES AND Srocks, wit DivipENps Pre DOO! 100 [Demerara

NE BIR. siscdacsne cnt iiactitatbiees cennses 109 111 CONTINGENT ON THE PRorFiTs oF Eacu 115,0002} 100 | Do 7 ” Pp Perpetual Pref. . ‘37 143 100 Nottingham & Grantham | 20,0002} 10 \Graham’s Twn. & Port Alfred, ft . wien [Ot Besthorn...\t2a 230 eae 130,000/| 100 [Do 6 % Debentures wi % 8 reston and Wyre ......... 50 62 | “570.0881 100 Caledonian a7 Prot No 1 08 Tid Trnk. Georgian Bay, 1

100 | Royston, Hitch, & Shep. Gt. Northern...167_160 | $'46'3421 100 “Do pein: 10, ee 100 G Trunk of Canada Con. Stk., 9} 10 hemesiaanesbbnsdivseedt 2,500, 26 | Do New Stock Prov. Certit. | vor one

, ne 000) SF icseuiag 600,000! Do Equip., M. Bas, st ch. Or es

es | . Closing ca tarcngincicon 25 80 BES Wie creeicsnes | 56} 56 lem. S| Hame. Prices. , Con, Pref. 4% ...... 7,168,0551| 100 Do Sri do

|= & | in 4,270,5751| 100 5% Per. ‘Deben. Stock! ee 318, 0191) (Brecon & Merthyr A...... 4 %}104 "107 . 608,6751| | Do eo. 4% 87 90 041, + Eastern, Con. % 20} G. West. of of Cana Si i 13

4,241,671) 100 ee ‘ih diltniaihad 4 %\113 115 | 1,000,000/ leet 605, 7541 % Preterence Stock...) -.. + 458, 0001, Do N % Debent. Stock '112 il wesseenes OF as... labiichaecibiibenscned mds, payable '90|105 107

sedeed reat N. ‘ 450,0001 ist Mt.6 3 08 = SAMIOD whi iscccnnesees i, bas '000/| 100 |Mid. of Can. Ster. 1st Mo o* Gurdsacovéstebs \isatbacies i si “i Cons Mort. 8c 4

: & Chaplain 6%1st Mt.| 91 9% bonbphenisbanetapeten Ld. Gt. Bnds} ... +

Saecieiaatoenn ts % 98 100 Sincasicalecaliale 2nd Pref. Bonds - =

faiilessassevine ee sen = = ENE do OP asses

ioe North. Ext. Pri. 6 7/102 104 Zim! LoL Ta an ba ao ae oF Port = »

’ o _ ee L : Shares n , \ 8,196, 3251 - fat 4° 2, : pi * “Ts poo peg 25 30

reat Northern i 000,000! se senmieettvench Ottawa 6 % bey 351i 100 Great Western .. os . vk De 7 918.9661, 100 | Do.... ici a 5 eee ew eeesneneees

5 - by Wi nngenin Siac convertible, 1884 ......,..]128 130 Preference Shares..........: convertible, 1888 .........

DO isis Mernsssrsccovescoeee 4 4107 109 ndon and N.-Western 4 A119 21

prep &

July 19, 1884.] THE. ECONOMIST. 891 |

RAILWAYS, RAILWAYS. COMMERCIAL, INDUSTRIAL, &e, Foreicx Rarways, Forzien Rarway Ostications.—Con.

5 Closing 2 Pri _ z Name. taal _

Issue. —_ 1 |Aerated Bread, Limited.................. L —— . 100 rande woveesd %/102 104 8 |Anglo-American Brush Electric ...... i 15,000, 20 |Alagoas, Limited, guar. 7 he) ie se? | 100 San Paulo. & Rio ¢ de. e Janeiro, guar... 6 %{10331044 | 10 | 10| Dorfully paid... ccc... 3 sf

87,248) 10 ee Rotterdan ...... 10 11 | 100}, Do2ndSeries .. cesveeeB % (1084104 10 | 10 |Artizans’, cae Dwell, L...| 9} 10 25,000} 20 Arie aes coe me toeenees 7 a9 29 20 |South Austrian .. oqectsccsicall LE aE: Oe 10 | 10| Do Preference sade 10 ik 90,000} 20 |Bahi ranciaco, 3 20} Do 1871 (Series X) ....................38 %| 119 !2 | 10} 10 |Assam Rail. & Trade., Lin. Pref. Shs| 72 42,500 6 [Belgian Eastern Jup eo i 3 | 20 \Southern of France ..........csescsses 3% 144 143 | 1 1 | | Do Deterred Shares .. lp 2 59,000) 1 Bi / es Catl. tabn. 7 1B 15 20 South Italian _...... 8 %| 1g 21 1} 1 |Aylesbury Dairy Company, Lim. 71 24,075, 2 |Brazln. — a. Bahia, g.' 173 275 = . Central, Lim., “Ist Mort...5 %| 63 66 10 | 10 |Barnagore Jute Factory, Limited . 6h 7}

sn - Pusees yr eipe ee ie 4 me 5 Dated Mortgage . sisi tithietnigandenliehs i) : ‘t 10 | 10 IBedeon Park, Lim., ehanpunnns aoe 2.4 Bahia, Blnca,& 2 IA. ccocncis choajiitth iibedietel tae 5} 5 ega, Limited ........ sited 3 1,000,000!) 100 Leb eae Debenture Stock . “ast i4 12/| Do.. haciischiln dsiasasdscccal ae: Ge 10 | 10 Brighton Aquarium... | a

$5,000} 10 |Bu. 45% , L 159" 162 20 |Western of France ...........scsscc. 3 X%| 144 143 10 8 British Insulite, Limited, A Shares | ... ... 1,300, 0001) 100 Ca , Ga see 124 198 100 |Western of Buenos Ayres 6 % Bonds6 7/104 106 | 100 00 |Cantareira Wtr. "Supply, &e. ,L.6% Db} 85 88

550,7007) 100 | ge A gy M. Vid i} 10} top Stk.} Do, Certificates............ 6 %\104 106 20 0 \Cent. Sugar Factories of Brazil, L.jm13 15 100,000) 10 i. rugy +67 Bob. Bebok 119°721, | 100 |Western of —- reece ‘Seheaiee } 40 364 Cit Offices, Limited ........00..0. 00... 9} 104 600,000; 100 | Do, — 6% 7 or 2 Bonds . eeeeeT %109 110 | 100 [100 | Bo 447 Mortgage Bonds . 98 101 21,250; 20 |Conde d’Eu, Lim, guar. 7 %... et. | 25 | 20 City of London Brewery, L., 6% Pref| 42 44 8,400; 100 |Copiapo......... wceeerassecrsencerees TRAMWAYS AND OMNIBUS. 10} 4 \Colonial, Limited, Ordinary............|. ... ...

15,000, 20 |Theresa Christina, L.7 % Pref.) 164 17 6| 6 |Cie. Genl. des Asphaltes de F. Lim.) 5 6 amit 16 |Dunaburg and Witepsk, Lim.) 163 + Stk. 100 Crystal Palace, A .........ccccssssese eeoees | 40 45 M00! 18 | Do Registered ...nersnne 164. 27 5 3 iid Closing Stk:|100 ha ers

et . Dute New ouncasqaneusaopans as é Prices. = 100 De ty ee Stk ee 120 125 LOGE. 8 1. TNR TEAR occnyesuneyincermenesenes cen Bes pik 4. o 5% Consolidated .................. | 89 94 25, 3 DO, BO eiciccesacevesscocenssecoss 2 3 6 5 7 ae 10 7 \Devas, Routl e, and Co., Lim....... 4) 6 82,000} 20 East Argentine, Lim., gus Th 17} 1s Anglo-Argentine, Limited ............ 5} 5¢ 10 | 10 (Eley Brothers, Limited | 34 36 1400 20| Do Nos, 46,601 to 48,000 ...| 174 18$ | Stk.[10@ | Do 6 % Debenture BROCK ore 105 115 | 39 es ee 600,000] 20 Grand Russian Shares ........| 26° 27 | 10| 10 |Barcelona, Limited 000] 8 9 | § |B Explosives Com mee et

15,000} 20 |Gt. West. of Brazil, L. g. 7 234} 10 | 10 |Belfast Street Tramways............... 93 208 | 16 | 14 [Fore Street W, eee. pre ope 12 we 262,500/| 100 | Do 6 % Debenture Stank. 1120 122 10 | 10 |Birkenhead, Ordinary ...............+. at = 15 | 10}|Foster, Porter, and Co., Li ited — 4 15 12,500 20 Braz. N. & Nova Cruz, L % 1 ii 10 | 10 Do 6 % Preference Ce eoccccgcccocesces 5 Me t W tern El List & Pw .

112, 20 \Lemberg-Czern .-Jassy Fim” 10 | 1@ |Bordeaux Tramway & Omnibus, L. " O} 5 Thermand Elec. Lig ht & Pwr. S j j guar.5 % iebond teh iend 10 | 10} Do5% Preference ...............00+0« 10 ’ Henr & Edward N Le eGo, fy

40,000} 20 |Lima, Limited..................0-- 2} 2 |Brazilian Street, Limited... see 13 13 | stk.|100 ed Industrial Dwellin L. ... 114 116 2,254,720 100 |Mexican, Limited . 10 | 10 |Bristol, Limited .............0.s00sesese0e: 6 71 ol 2 B Shares Ta at 2,564, 1001| 100 | Do Ist Preference 8 % 5 | 5 \Calais, Limited .... , 04 ficigeonet Oued Bapenaesk Ree] 1,011,960/| 100 | Do 2nd do 6 %... 10} 10 10 | 10 |{ndi Rubber, Gutta mis ‘and =" 2,000,000/, 100 | Do 6 % Perpetual Deb, Stk.|209 111 | 10 | 10 |Cart Carthagena & Has. Steam Lim.. Telegraphic Works, Limited ...... 2 2

100 | Do6% Debentures .....................,100 103 -

4 cutta, Limited Nos. 1 to 25,060... | 3 g | 10

Do 5 ¥ Debentures .. eee} 70

Int 37,500; 20 |Minas & Rio, Li 7 214 | 100 }100

oa ‘Liege \" ’ By the #) 8 S14 5 ity of Buenos Ayres, Limited . 26,595) 20 |Namurand Liege 10 | 10 |John Moir and Son w.....-.....esecesssse uh 7 ol a 14f p.an. > Belgian jan | Ig 123 _ ' Be Pema 6 % Deben. Stock|11 . v. 20 | 20 |Liebig’s Extract of Meat, Limited . tae a

_ 10 eee ‘A, aL eek "a i 10 10 \Edinbu Steet ameaens oecegecees 9h 1 10 | 10 Linoleum Manehctnting, Limited... 27 29

3 ’ trem 25 | 17 |Lion Brewery, Limited .................. | 2 $81 15,000} 10 Do Guaranteed TK cssseren i way, & Omatbus i. 4 POET Sh GE WORM seca cerns mecctrornees }10 11

181.1364) 100 Des ‘Sobent seeees ‘isi ot os 6) 6 iim Limited Nos. 1 to 17,700) 1 20 | 20| Do Perpetual 6% Preference......... 23 24 raat aa Norwegian oa ure 10 | 10 itoepeet United & Omnibus! 20 10f ° = en Gree co eres * 19

408,70¢} W. Uraquny Lt Pref.| 28 %5 10 | 10 Hendon, Livaited:. <a aceta 14 26 | 1 | 1 |Maxim-Weston Electric, ng ee ; ; ym te wo 5% 2 a : © stk.too | Do 5 y hemeieeke htt 108 210 25 | 26 |Metropolitan Association for Im-

100001 20 |Pelerma Mama i Toerein | 153 15" | Stk. [100 (London General Omnibus Co., Lim. |808 208 proving Dwellings Indus. Giameq % £7 ; rmo, raped Fi oe 165 17 10 | 10 [Lendon Street ~ 17} 173. | 10 | 10 |Milner’s Safe, Limited.................... 13} 14 200,000/; 100 | Porto Alegre and N. Hamburg 10} 10 ix nth Metro a Pe ecerrers 124 19 | 10| 1 [National African, Limited............... 2 2

B , Lim., Deb. Stk.! 67 71 be 7 5 om MPOTTAT on. cesesccercereesces 14 15 8 8 | National Safe Deposit, Limited . 53 6

a = Provl. Orel-Vitebsk, guar. 5 % a 18} 10 | 10 North 3 ow oan eS ga eeccscceccs 5 6} 5 5 |Native Guano, Limited . ca 4

‘00 100 |*'Do' 8% Debenture nr s...| 92" 96° | 10 | 10 [Nottingham and Dir, Limi | oP ee ee or te of 1,2.0, 100 |Recife & San Fran, Lim., gua.|101 103 10 | 10 tate iy , 4 ; 10 | 10 | Neuchatel Asphalte, Limited ........| & %& = 2 mien ond Pooalery salient 14 ¥ = a cosssnensacsaseseesescaccacenensanes sf g | 10} 10 oe wi Prefeceace is 3 scent LMR: OIE L 20 FOO BRIO, oo cscnsrectrmncernisecnsinens 3 4| 4 |New Westminster Brewery, Limited] 43 5 60, 10 pee ; 10 10 } 10 ae. : ‘, 4} 4] Do6% aaiieion Reuven, shinai ry ‘ we § [Royal Swedish... : 10 | 10 ee et rs 4! 10} 8 Norton Brothers and Co. Limited . | 4

Preference ............ or ’ 10 | 6 |Pawson an NUIT ctbessaipentnes 5 81 20 bre and Meuse.......... 10 ll 10 | 10 een ones. ——— | st A 71 7/Ph o-Guano, Limited ............... 3 a 16} Do 5} % Preference ......... =: 13 we ere “er ane ae - ehnadibenin al 5 | 4j|Powder River Cattle, Limited.” 4h 4

rio 100 | "Do, 682 Dabenture Ktockisofemp | 10/10 vienna General Omnibus” :] 34 38} 1 | te las Patent Gadi Gospai iia] LR 2h 7 = ene ee ‘. 15 10 | 10 |Wolverhampton, Limited ............ 3} 4 20 Public Works of 7 Sh 4

» , OPENCE .......0000 SS ee 100 100 Recife Drain ited "6% Deb.| 34 83 = = uth Austrian TELEGRAPHS AND TELEPHONES. 10/ 1 R Goldsbrough and Co, Limited | 1} 14 BM APY

, POO ca vecssasspeenpesctensersesdences . 3h 10 | 7 |Richard Hornsby and Sons, Limited) 5% 53 ae 26,757! S}/West Flandors.......... eae epee 57t 6s} | 100 /100| Do 5% Debentures nS 14 10 | Do 5} % Preference Ee |e een reencsnersvree ae Ot | 95 | 86 moet aneiro Cit Im ror, , : Pag ts

’ Reasilian mori aS 100 {100 5% 187. sei “ena ForgiGN RaiLway OBLIGATIONS. 10 10 Gab ne, ‘Limited... 4 1 100 {100 Bearer eenesvonareadee

1 1 |Con. Telephone and Maintenance, L, ; i ae oa Fresh Mi ; 10 10 \Cuba, Limited ............csccsssesneseees 9} 10, | 10} 9 | Giver i

z 10 10 | Do 10 % Preference ......s.seeeee 2h 28 | | ee ee ee oe ee g Name. Closing | 19 9 [Direct Spanish, Limited . Secias Pri 143 : : Ds 67 Preimence ais Prices. - ¥ pew i sd te i" 20 2 Smith, ees Co, Li

10 |Alagoas 6% Debentures.... 6 %/102 104 1877... Of 108 | 2 Conair fe 12 | 12 |Telegraphic Construction, &c., Lim,| 32 382 - Sean Alta (Prtugse) Nos. 1t0121,117 3 %| 3 5 100 = wee we Debentures, repay. ‘1884. | % mn 5 ret booae Trust Certificates...| 1) 13 — . ceeiagernaa sniediaaseliinatipedie 5% © | ee ea 2 o? Seems enh Ooml Welle i 7 100 |Brazilian ‘Ine CapteSsion Debe. raed 5X eT ES Oreo ws eo - 10 | 10 |United A Limited, Ord., & ie

100 | Do Nos. Sn Cen. Bahia, Lim.6 7/102 104 | 100 1 Dee % an pay. Le ss 10 |10} Do Ere f

100 |Cam d ae mar. 53 a % ... Ht 100 02 100 100 Do 5% 1899... |103 107 | 10} 10 Unit. Lim. & Vorwohile. Aspha halte, ke + a Ceaane + DRL 20 | 20 | Uni States ing

. ~ = —. — 8 é p ~ 10 10 as ‘Extension 1, Australasia, and 11§ 21g | 100 |100 Do 6% Debentures... Pm - ) . * CoS beben! . 10 | 10 |Val de Travers te Pavin

100 Deters Chan, e) 80 | Rise) Pord Dentures, repay. ‘ia. 01 ios | 10| 84{Young’s Paraffin Li ht & Min, “dt Li w 11 “ 6 % | 100 100 | Do repayable 1900 ~|102 105 _1|_1 (Zoedone Company, Limited ...........!_a_% “7%. “| 100 100 | Dod Fitkstan 1890............,.|10% 104 | === ae ee ; h “4 Ma 100 100 me 2 Sem oaeen. Limited, Laas ste COAL, IRON, AND STEEL.

ee $ 2 25 | 100 100 La) 0 ag cr i - 0h 3

‘ 102 105 10 10 |German Unio Trust, Lim... imi mane 89. 91 | 10 10 [Globe Telegraph & Trust, Limited..) OF 7, | 10 | 10 oe Lniied.....| ¢ vs moe 62 67 Dag 3 20 | 20 |Bolckow, Vaughan, & Co., ‘Linuted.. a8

Ba, Se. see 100 03 20 | 12) Do.. saeaensconees ~~? Shorties! 10 | 10 |Chillington iron, Limited ............... 42

104 105 10 | 74/Consett Iron, Limited..,.........000.002+ 18s ®@ 99 101 23 | 20 [Ebbw Vale Steel, Iron, and Coal, L.} 3% 45

5 1000\100 [Lehigh and Wilkes Barre Ceal, 101 203 98 101 7 “30 ortgage 6 % Sterling.............+.

6 624)Nandy) lo and Blaina Ironworks, 95 98 2 g Do TANCE ..sssreerepreerrerereeerd | Lab 15 aida Coal and ‘irom, 14 20 |No rte Charleroi), bossernvsepvesssessaeee SQ, 16 17

1oo | tteman (Smyrna "8 Zhot 103 00 Do ti tee teen

ebenture.. o3 " MF isbn % a.

2 iProv, Oval Vito Nom = - capertesoonrsorsll

3 20 |Ro eye Se 85 |Royal Swedish ¢ Co eee oli date a “roots

, — ans om : > n 7 x " vow . z en - <i ” re emit ase Sn Senn :

Palate ie: Sate . = sl Soa ¥ z - - 00 8 eB a! “a eonaatisinanibieas a ¥ 7 a : . — ‘ iA A tt Bae ON a RES Pine a he tO i Pi 3 Die CR a tle ti ets itt atet ane ie ek ge ee Oe, ee eee ee eee eee ee iit Dited nbs d ee is . yee — * it escsas 50" —_ om " 0 ow — 655 RCT ecard am. get - oe . = - “ . -_ “ » cs > * » g , 2 . “ 5 ee war dj é * iB - a - ine a oD. ae - AOD BPEL IE eR LIE Rei DEA ED LE EE OT ta S Os Dig a Stein a nk ae eae Tt RM Dn. aha fg Nd Ai ATs 9 0 — . a

ke me . a Fo I a ag sais vm <a eh io me So. al Haat ie wd é cs ’ 2 : we , he ge oe eg i ae Pe ali 2 ae 7 ; Pi A : p tel eh Se na ie la a ae a et oe RL ae Oe oe tes Ree sin Sate. Bese: ni fe RR Be

s . ” nn - Fe ah - sear oo s . Kile iS ee eS Bai dee he ag ae a % oe a wan 1 = Shee a ;** ie aK ce

, of as es Rags Z = 4 4 ; Re - 2 gee ORS, ee re eh ee Sa oF ES ae ee eer Soa, spn ee he ey ee Pe " :

; ba ane : j be 3 : aA ens nae" A a ee ms % eee ‘oie iss F cay ghia 2 < ipl es) - ar in :

+ : 2 ‘ ¥ pa ep ge Sat ee A eh PP 8 Pe el BE FI 5 tay URI MOR A ate, PN Rl, Sail ps adie ok €. ag hn

et, 2 ‘ : . si a : ou ; i s oe nth BR ee pe is 4 "aah, ° # why ee op ape e 7 ‘ aria ore Swe Neg oat Tie aS «3 a :

See . : ex 7 ; on ae Me ee ae ede Scat ee See gt EP ie te Tp PK) | AFI PS «Se ge a etn *. ee

ra . R : - : aaa « _ <. / , S ia it . . ; 4, ed ; ve oe LPR E

Ces ae, ae er Pe Fe a ae andl aimee? as te eink BA py Al Sahil gh Og St ioe Ae ae ae Ra IR RR ae Fl OS tae Tt Die Ler RR, AN a RR ER SE Ye! proved ioe “s

LL

1a UE §

‘

Ee

is -_ i ian

1 |Agricultural of Mauritius, Limited 2} 2

M4 2 |Americn. Freehld. Ld. Mt. of Lon. L.| 1 : 2

Stk |100 |American Investment Trust, L. Pref.|109 211

Stk {100 | Do(Deferred receives no div. until 5 % has been paid to Preferred)}-06 169

20 | 20 |Anglo-Pacific Trust and Loan, Lim. 16} 17

20 : TD cicduciveucaccqoebanpsncatcvenessonestenh 3

10 2 jAustwalasian Mort. and Agency,L.| 2 : 2

25 | 214/Austranan Agricultural ..........0-++- 105 209

10 : Australian& New Zealand Mort.,L.| 13 1

2b Aus. M. Lnd, and Fin. Lim.......... 17 «17 Stk. 100 Do4 % Debenture Stock .. . | 97 10 | 2 |British and American Mo ge, LL} 2 @ 25 | 24/British & Australas. Trust ,L.| 43 4 16 | 2 |British & N. Zealnd. Mt. & Agncy. Lj} 2 2 80 | 30 |British American Land.............+0++- 35 387 1 | 1 |\Canada Company .............0.sees+000: 93 85

10 | 5 \Canada North-West Land Co., Lim.} 2 5 1 | 1 \Central Argentine Land ............... 23 2 1 | 1 |Col. Invest. & Agency of N. Zeal. L.,) 1 13

20 | 5 |Credit Foncier Egyptien ............+ 6 7 100 |100| Do Land Mortgage Debentures ...| 77. 79. 60 | 10 |\Credit Foncier of Mauritius, Limited| 11} 125

Stk.|100 |Foreign, American and General Investments.Trust, Lim., Pref.../107 109

Stk./100 | Do Deferred .. 98 210 Stk.|100 |Foreign and Col. Gov. ‘Trust, L. Pref-|113 116 Stk./100 | Do Def. receives no divd. until

5 % has been paid Preferred... 114 117 6 | 8)General Credit & Discount, Limited} 3} 3%

Stk./100 |Governments Stock Investment, L.| 78 82 1S i 26 Fibeadinnnn y BF aka coe ce csncesoncvesctes: 23 “3 1 }/Imperial Property Investment, Lim.

10 | 5 |International Financial Society, ae 43 5 10 | 8 |Land Corporation of Canada, 1 173| 23\Land Mortgage of India, Limited +.

100 /100| Dod % Debentures...............00006 100 102 20 | 5 |Land and Mortgage of Egypt, Lim. 3} 3%

100 |100 | Do5 % Mort. Deb. (red. in 36 yrs.| 91 93 60 { 10 (Land Securities, Limited.. 43 53 BO | 42})London Financial Association, Lim.| 1 2 10 | 1 |Manitoba Mortgage and Invest., L. 1} 10 | 2 |Mauritius Land, &., Limitea.. 4 20 | 5 |Mortgage of England, Limited . tise 5 Bt 60 { 50 |Municipal Trust, Limited, Ordinary| 25 28 10 | 10 |Natal Land & Colonisation Co.,Lim. 5 Bi. DOs J Preleree .....cccsccccsocesce:

25 5 |National Discount, Limited ......... 10 | 1 |Nat. Mort. & Agency of N. Zealnd, L. = 100 |New Brunsw ick L. and Lumber 63 Xe

2 |New S. Wales M. Loan & Ag L... 10 24|N.Zealnd.Grain Agncy,& Mercntl., L.

ofl New nines Ln. & Mere. Agency, L. ‘ 100 do Perpet. Dec. 4%...... 10 2 |N.Zealand Mort.& Invest. Assoctn.,L. 10 | 4 \N. Zealand Thames Valley Land.. 25 5 |New Zealand Trust & Loan, Limited 25 | 25}. Do Preference ..............0ccscceccsese 28

Newfoundland Land, Limited .. 3 Stk {100 |North British Australasian, Lim... Stk./100 | Do 6 % Irredeemable Guaranteed 10 | 10 Omnium Securities, Limited, A...... en OS ERO OE ccd chdsdasacababscchsataasvaanamnpried 5 | 1 |Otago and Southland Investment,L.

Stk. |100 | Peel River Land & Mineral, Limited.. 10 | 2 |Queensland Invest. & Land Mort., L. 20 | 10 ilway Debenture Trust, Limited] 1

100 (100 | Do5 % Debentures.................:... Stk.|100 | Do 4}% Debenture Stock............ 10 | 10 |Railway Share Trust, Limited, A...) 7} 8 20 | 20| DoB6 %- Preference ...........0+0.., 23 24 10 | 2 |River Plate Trust Loan L............... ft 24 10 | 2 {Scottish American Investment, L.| 3} 4}

Stk. /100 |Scottish Australian Investment, L..|225 285 Stk.| 90| Do New Ord. iss. at 35 % pm.all pd.| ... Stk./100 | Do 5 p Guaranteed Preference...|208 112

F art a ate f Ln M rtga d M, A; cps a 10 r Ln Mo an 25 | 25 g. Air lin Mortgage and M. Ag, wei 73. 77 10 | 2 |S. Aus. Land M.and Ag.,, L......... 23 %

100 \100 | Do 4} % Debentures, DIR scccsscere. 98 100 100 |100 |Stock Exchange 4% Deb. ’81......... 102 104 Crt. |100 |\Submarine Cables Drags ........00...0. 99 202 10 | 1 |Trust and Agency of we Lj 3 3) 10 | 10} Do 5% pref. Poe 12 13 10| 8 - do snevecestsonesecos!: MOR Ak ST Oe 820 ei siicts senbanasesin cbamaendenoentnecenti 103 11 20; 6 iapaek ations Boaeaian ofCanada...) 4 4 20 ; SITE sis cthisksastetevonsscdadaiconaies 23 2 15 6 |United Discount Corp., Limited .. ais st 6

100 [100 |United States Mortgage ( 6 a8 onan 101 108 BO 80 iVan Diemen’s Land . id | 28 $2

CANALS AND DOCKS,

20 |Alexandra(Nwprt.&S. donner ses 15 17 .{100 |Birmingham Canal.. »- {113 115

Stk./108 East and West India Dock . asi shisienlins 91 94

100 |100 {Francis Canal, Hung., 6 au ist Pref.| ... 100 |100 |Grand Junction Canal . 105 08

S8tk./100 Lomies and St Katharine Dock......| 51 53 Stk./100 | Do Debenture Stock, 4 %............ ‘1105 107 Stk./100 | Do 4} % Preferential................. 107 110 Stk./100 | Do 44 % New Preference ............ 106 3 Stk.}100 |Millwall Dock .. ever] SL B4 Stk./100 pe 5% Perpetual "Preference ......115 118 8tk./100 | Dod y Debenture ...... 126 129 Stk./100 Regent's Canal,City and en 92 94 8Stk./100 |Southam Dock soveee| 60 55 = 100} Do4}% Debenture ‘Stock... 107 110

20 |Suez Canal Shares . bibeuaveecmeac 40 ont 85f{| Do Arrear Obligations .. Gants Soe: cot

100 |Surrey Commercial Dock... vee {155 158

THE ECONOMIST.

GAS.

See eee eee eee eee aee renee tees eneeereer®

Bahia, Limited .........s0ssceeresseseee Do 10 % Preference, Limited ..... ee te

Bombay, Waa | ciccirissiciecincedensd 6 6) De New inn es

Brentford Gonsolidiated cscsscsnoms Do 5 &% Preference .......6 see 0» »

RAS aided 43 aoe cniiiea 11} 113

23 Commercial ......csccocsccvescccccreeceneses 240 250

Dio New Stock .......0.esceeeees cores .oe [185 190 Do 44 % Debenture Stock ......... 110 215

Continental Union, Limited ......... at 4

Do C, 10 ¥ Preferential sceieamilieasiiid DoD,10% — csesshubhobad 232 237 DoE,10% — Seunihangbosen’ 232 937 Do F, 5% - « 103 213 DOG. Tee. 20. esmeeinnes 157 162 Do H, 7 % Maximum......sssvss0ve: 145 | Do J, 10 % Preference ........+.000+ 229 234

Do 4, % Debenture Stock.......000+- 106 109 Des % & eoenncncess 110 114 WOO is Sh i oni 155 160

10 | 10 |Hong Kong and China .. jocevelce- Ae: sae Stk.|100 {Imperial Continental.............01+0+0+ 198 202

5 | 5 |Malta & Mediterranean, Limited.... i 3} 8}| 2)|Mauritius, Limited ...........ceeee

100 |100 Metropol. ‘of Melbourne 6 % Deben.| ... «. 100 |100 | Do 5 % Debentures ............s0000 100 102 20 | 20 |Monte Video, Limited ...............+« 16 17 5 5 |Oriental, ENN scicnbinstissniietios 8 8 5 BOW, cercncsiccocnrseascssaresasenn sebines 6} 7 5 Do NOW, ISTO. covensersutvsncsscens tioned: Bk 5 Ottoman, Limited ..........0rs:cceses ‘ike

PRG SANNA «. cnvsinsetnintiumnenmesedes 4} Rio de Janeiro, Limited ...............) 22 24 San Paulo cempacebeeeaetiel ae ee

Stk./100 |South | Metropolitan, ‘A. pevdbnanegnepooses 257 262 Se ENOO 1 IO B . cencewinssercemeneinntinanvgnedibue tie 218 223 Stk./100 | Do Perpetual 5 % Debent. Stoek|124 127

5 Tottenham & Edmonton Gas Light and Coke Original ..........+0+0+++ 9} 103

Do New Ordinary ..........0.+ sitesi and iano

WATERWORKS.

20 | 20 Antwerp, Lamited .......s.cercsccorserees 14 16 Stk./100 \Chelsea, OQUTORT ciciccistietcricissic: 174 179 20 | 20 \City of St. Petersburg, Limited ...; 3 1} 10 | 10 |Coune Valiey....ccsecscsscsssssosssssesseeees 9 10

Stk./100 |East LOndOm.........ccccccsescescsseceserees 174 179 50 = Grand Junction Maximum 10 Z% .../101 105 Stk.|1 00 Kent sibaes tmeiabaabiatineesertiewedbleteeeks 235 245 10; 7 \Kimberley, Limited . Sdstbsenivesd | Ses Be

100 |100 |Lambeth Maximum 10 ¥... dis Wbiaddoobats 174 179 100 |100 | Do7} % Nos. 4,001 to 7,662 and 100 (100 12,967 00 14/986 2.0... cceccsseccoeese 160 165 Stk./100 | Do 4 i Debenture Stock ............/121 114 100 |100 [New River, New .........ccccsssssseceeeses 320 330 Stk./100 | Do 4% Debenture Stock ............ 1112 115 Stk./100 | Do Debenture Stock B . ++-[222 116 20 | 20 i Limited, A 6 % Preterred.. 5 8 20; 20; DoB re ries se 20 | 20 ‘Shanghai, Limited . hee, 0s Stk.}100 [Southwark and Vauxhall, } Ordinary 171 °76 10} 2} Do New Ordinary . 74 7

Stk.'1 00! West Middlesex 0.2.4.0 ssscsroresseseneve ‘1220 280

SHIPPING.

16 jAfrican Steam Ship ......cessecserserees 7.8 15 |Amazon Steam Navi WOM age sccdnocen 10 12

1877 ia vat sauibenst ‘Steam Boat, Limited .

14 |Castle Mail Packets, Limited .........) 11 12 10 —" Steam Shipping, Limited ..| 3} 33

15 |General Steam ee . ‘s ict 1 «| 10} 1

toe sesenevesessovesese 10 1 10} Dod : ee 10; Dod

Do 5 % Preference Stock ...... eoabel bee hte 10 {Mercantile Steam Ship, Limited ...) 9 9} 5 |Merchant Shipping, Limited ......... aie

10 |National Steam Ship, Limited ....... 8 4 5 |New Zealand Shipping, Lim.......... 4 6 8 |Orient Steam Navigation ............+0. 2h 3h

50 |Peninsular and Oriental Steam . 54 56 50 | 20 | Do New, 1867 ..........cccccccsccssceees 20 21 10 | 9 |Royal Exchange Shipping, Limited) i 2

100 | 60 |Royal Mail Steam ............cccceseeeees - 50 10 | 10 |Shaw, Savill, and Albion, cone 20 | 20 Union Steam Ship, Limited ........-... 234 01 20 |: DO Mew esc seeiass. df 10 | 10 |Union Steam Ship of of New v Zealand) i 12

TEA AND COFFEE,

80 | 20 amen WOR 55, iccastaris scbsasteascacsrene 40 42 20 | 20 [British Indian Tea, a Scinedeiel <a ee 20 | 20 |Darjeeling Tea, Limited . jaleiaiad 24 10 | 10 |Fastern Assam, Limited _... ok ‘4 10 | 10 |Hunasgeria Coffee, Limited saiseseuel } 20 | 20 \Jorehaut Tea, Limited .........s..006 | } 84 10 | 10 jLanka Plantations, Limited .........| 5} 6} 10 | 10 |Lebong Tea, Limited .. Seiget OO * 10 |Luckim Tea Co. of “Assam, L. 5

2} Moyar ee, Limited, 1880 ......... “t ; 10 10 |Ouvah Coffee, Limited ....,... otupieal oe 10 | 10 |Upper Assam Tea, Limited ...........| % 1

BRITISH MINES,

(July 19, 1884, a,

. |5/19/0 |East Lovell 4 4 |Great Laxey, Limited...

18/ |H ton Dwns Con. ue . |7/11/0 |Marke Valley ee |

24/6 |Prince of Wales ..

... |7/10/0 |Seuth Condurrow ...... ae aoe South Wheal Frances...

‘ PE NOB vseconsen cucecove

Pewee eet eee eesees

ee eee eeeenenes

Athen eeeserens

COLONIAL AND FOREIGN MINES,

¢ |Akankoo Gold Min.,Lm. 2 |Alamillos, Limited

SeS mm com

~

Se et mee ON ORM OM HOR Ronen -

2... 2 Om Oy

—-—

me SS wee HM MOM et mee 0D BON me

Silver Mining, Lim.

iapo, Limited ...... Devala Moyar Gold, L...

4 |Devila Provid. Gold, L.. Devalah Central Gold

10/Anglo-African Diam.,L| 14; Asia Minor, Limited ustralian ..

| 4 41 43

vb 1 -— _ nee

Po “A a

1 1 hs to

eget BE epente cre

ral Os:

aes ~o

ene eae Sea 2 eo;

eee tee

1 Lake Superior Native

75,000 Copper, Limited ..) 3 3 400,000} 1 La Plata Mining and ?

Smelting Limited.. 4 *

15,000} 38 imi 23 3h 165,00¢) 2 pane and California,

‘i por ee “i

210000 { 10 Do to Bearer............ 93

135,000} 1 MysoreGold Mining, L i 120,000} 1 Mysore Reef Gold Min., .

8,500 N Emma Silver iii : 10 cw Emma Silver n-

s oon eaten Goid”| te : ouveau Monde Gold...| +

200,000|{T | i | Do New $ Cena Gold Mining]

a 7 of India, Limited.. d

50,000} 4 4 |Panulcillo Wnlted Gol, 4}

— 0 80,000} 3 8 |P =e ni --

Pon eed Silver Lead

sent hea! ec igi ae 6 8 Port Phillip, & Colonial}

er . Gold Mining, Limited| 4 849,000} 1 1 |Potosi Gold joing. i

1 1 |Rhodes Reef Mining, pital’

Richmond Consolida é

ne : : Mining, — <4 2 %

Rio Tinto, Lim., Mort-| .

2500000/ feof ye gage Bonds, 1830...) 98 ao

1060 | 100 Do do to Bearer ...... 98 7:

10| 10 | DoShares Registered 154 7

825,000] {To} 19 | Do to Bearer... 1st 1 100,000) 1 1 |Rossa Grande, Limited)

10| 10 |Ruby and Dunderbe rs j

Consoltd.Mining,L.; 6

200,000} 1 1 |Santa Cruz Sulphur and >

; Copper, Limi it

120,000} 1 1 Scottieh Australian ' i

80,000} 1 § | Do New ..........: ti

1 2 2 |Sierra Buttes Goid a :

140,625) 2 2 Do Plumas Eureka... ; i

250,000; 1 1 ed wok, 3 Mining, L..

ea ae tele ceeesGeld Li. 0 *

258,0002/Stk.| 100 |St John del Re Lim | 7

160,000) 1 1 aembrecn — (at Wyn

Tharsis Sul ood niall u

a le Copper, Limited ... 3 4 20,000} 1 Tocoplla Copper, Lim. | 37

hese sont United ae De ae..| 3, 38

any © a Wentworth Geld Min., La &

80,090 i 1 ynaad Perseverance, 6-2 Estate & Mining, L) Oy

75,000; 1 1 {Yorke Peninsula, i a4

54,800) 1 1 Do Preference . +--+"

prep &

| THE BANKRUPTCY ACT, 1883—RECEIVING ORDERS.

|

Desror’s NaMs. ADDRESS. | | | DESCRIPTION. | DATE OF ORDER.

Hee eR aa TES

Date or Pusuic EXAMINATION.

=] Ju'y July July

Lincoln street, Kingston-upon-Hull ... «en + .. | Oil and grease refiner

_ Ss

Ambler, George William pa son]

Bain, Alexander ... oe ...| _Hendreforgan, Ystalyfera, Glamorganshire... nay ...| Colliery proprietor and farmer wd July

|

7 ,

July 19, 1884.} THE ECONOMIST. 893 :

28

Baines, F., and Co. i ae ...| 23 Great Castle street, Oxford Circus, Mid | Tai 29

Bately, Robert Godfrey... ... ...| Roseneath, Lowestoft bund oatianee. — Pit cee ao eimindthienen July 9 Aug. 9

Bell, Edwin uss ane . | Oak Cottage, Uxbridge road, Ealing, Mi on Medionl practitionse July 12 Juy 2% : s > sg, Middlesex Phot he y

Bentley, Charles, and Son TT Geseet and want dans as Jjuy U July 31

Bogle, Anirew Hugh ... ... —_«s-| Hillersden, Slough, Buckinghamshire “Sh ss S| adil M: nonce... | wy 8 July = 21

Boulton, John (amended notice) —...| i Newark road, Lincoln a ik : 0 “| Seaman ajor-General ... ee _ a Aug. 2

Brooke, James .., is a ...| Allen terrace, Sowerby Bridg 4 ‘tae Voskshire | W, sere ase one ee une Jul 18 ees aad = “| 3: Rutland ea taleatee’ near Halifax, Yorkshire... | Woollen manufacturer... “| July 8 A - 14

Callender. Edwin Romaine |... ...| Mattersea, near Bawiry, Nottinghamshire... =. vv) ery nel vga mem | dwy 8 Aug. 6

Came, Btwn’ oe oe © IE LOL ace faeces aw > cf Pee ond beokgelien actor} July 10 July 31 Colling, William... =... woe ...| Brave Old Oak Inn, Tewkesbury road Cheltenham | Innk Tee = a ae july = %

Crabb, James... ; | 115 Albany street, Regent’s rark Midd -| a - “| July 12 Aug 1

Culloden, John Andrew ... _...| 148 Woodhouse la > Lad Yorkshi — eethiine: § meee a dk oe 8 Aug. 9 Davies, William ... +3 Sepa deeoniaaee s,Yorkshire .. ... a sannes tant Sadannenges oe a ane Juy 15

Dodds, —— Acton ... wn ve] Prisoner in Her Majesty's Gaol at Horfield, Gloucester . | Late Sheriffs offices, coe Son n on :

Seieand dn aneedante cen, Aree mel pone, West Cowes, Isle of Wight | Shipping agent pet ee Aug. ‘6 :

Eggleton, Maximilian Phoenix ...| Great Missenden, Buckinghamshire ... aoa | Hens — — — “| duly 7 July 22

Evans, Robert ... ... o ...| 29 High street, Carnarvon Ok err a So } uly 7 Aug. 20 Brena, Thomes 52 * "| Rhuddlan Flintehine ioe “en aad oo Sia a $ managing assistant | July 8 Juy 30

Fenten, Matthew Henry | uenell staves: cietley ease ae eo ole 2 acksmith, grocer, &c., d&c. ! July il July 30

Gasaatt. Gate 7; re ’ y, Yorkshire... be oa ...| Flock merchant, &c. —... | duly 8 Jul 92

regory, George... ..| 21 Wel ington road, Rhyl, Flintshire... aii : | Painter, p!umber, glazi 7 0 Hague, Thomas ... we ons ...| 2and 4, Koden street, Nottingham as * | Host oa et a. ... duly 9 Juwy 30 Harris, Henry... a 28 “| 66 Breed aheest Hereford ose “ ° | ; osiery-maker.... a ote Juy 7 Au. 12

Henery, He © ceo, Lat 2 Dot wie lee Sc0T) Saw Avg.” 3 ill, Thomas... je eit Dartford, Kent : i z “ls j ug. 8 ~- vss] " . ese a an we ase «2 «| Stonemason “ss iat jal Ju 8 Jul 2 ae can Rowse and Henry...) a Glamorganshire ... ove onl } corner ng for public works | July 9 J ed 31

uiter, pre ee “ae -| Seend, ose i ane ee ales ...| Carpenter ... ae ony oad Jul 9 . 7 —— a sik ie ie ose The New Inn, Sneinton road, Sneinton, Nottingham ...| Licensed victual'e : diva July 7 oon 12

Holt, ~ cee Se vas Bia Dog s Head lane, and 9 Friars street, Ipswich _.., vs| Boot and shoe maker... sii July 9 July 2% .

ouand, Willies Matsoinn™: aera Senin F = street, Sulford, Lancashire ... ...| Aleand porter merchants ..| July 9 July 2

Jones, George... .. .. 1 98'Weet Bar, Sheffield, tae i. Oe eae cen and insurance agent ... 2 2 July 24 3 . ' ° “t . eee <<. ose Ml ; one ace and one a > 21

— ae on ae 7 pee street, W ednesbury, Staffordshire ... ...._—...} China and earthenware dealer ... July 9 July 23

King Wunite tees: oe --.| 2 Castle terrace, Pembroke ... ase oe woe ...| Coal, corn and manure merchant) July 9 July 23

Siteester, Johar damier: 0a Sheet street, Windsor, Berkshire =... .. + ss» sss | Corn and coal merchant... July 12 | Aug. 2

Longbottoe, T es ée | . me 150, Gloucester road, Bishopston, Gloucester _... Grocer and provision dealer July 9 Aug. 15

| Lovett, Minsteann 7 Cae ttged ot Dae ee s street, Kirkstall road, Leeds, Yorkshire... Ghophooper... ae Juy 8 | Juy 15

| Marshall. Arthuas Willig” tee ; Royal York crescent, Clifton, Bristol _... ed ...| Lodging-house keeper July 10 } Aug. 15

| Martyn Wenen M sthes | 160 Upper Brook street, Chorlton-on-Medlock, Lancashire Chemist sad July 5 | Juy 14 Meiklejo = — lr | near Ww vir Mills, Leo er we, Devonshire... ‘ ...| Paper manufacturer July 9 Aug. 7

Merzies, Archibald W. ee] 4 ie Lon ie ie + Sai ee ee aaa |. S af.) oS Miles, Frederich James i Porteladb, Saséex ee 3 et ns ce non a * a= . —_— = Mc ie Wag eee oes ’ BR sae eee os eee oe oii Ace on eh | Jul 31

Soins —- ana spit Vee Church street, Ripley, Derbyshire... — ... . «| Tailor and outfitter Ga Ju 2 ll ion 16 Guan ca Gueainedade. one .«.| 116 Lower Union street, Torquay, Devonshire if ah Furniture dealer ... [ s+ Sad July 9 Aug. 5

Pacier, Willian ese ove mee Chandos place, formerly the Grand Hotel, Broadstairs... Nooccupation ... { ... a June 13 June 27

Penrose, far » fon ee, ..| 10 Clifton street, Roath, Cardiff es oeestiewsS—tséi ne. | GOCE and provisiorysnerchant duly S14, dae. a0

Powell oo Gaentee notice)... Towngate, Northowram, near Halifax, Yorkshire .., .| Draper, widow... July 1 July 17

| Preece. Geo wane Si 4 | 46 Victoria street. Dowlais, Merthyr Tydfil ... eve ...| Grocer + ose bs is July 7 Juiy 21

Prien, dommes {amended notice).. 1 Theresa Villa, Taeresa street, Bristol road, Gloucester...| Ale and porter retailer & brewer July 4 | Aug. 12

Price, John eee as ded --| Geifron, Bettws-y-crewyn, Salop Sch oe cima ..| Farmer eee jon one July 9 July 17 :

Picciee, Setnes Cabsiial oe ---| The Temple, and Geifron. Bettws-y-crewyn, Salop ...| Farmer so see ons July 9 July 17

Richards. Emi'y ar vee .. | Selborne Grove, Manningham, Bradford, Yorkshire ...| Builder and contractor ... July 10 July 25

Risser. Jes se ane .., oe ..| Duke street, Maney, Sutton Coldfield oe os .| Late licensed victualler July 10 July 31

Sanderson Willi 1+ we anes eee] 48 Liverpool road, Saint Helens, Lancashire .| Grocer and provision dealer July 12 Juy %

Saundera es sal ats te out ...| 35 Addy street, Sheffield, Yorkshire .., .| Grocer and beer retailer... ie July 7 Juiy 3

Singerman Mos , the younger «| Ham street, Ham, Surrey a . wd oe | Market gardener, corn merchan July 11 Aug. 15

| Skeen, Alfred 08es “se ee ...| 104 Musgrave street, West Hartlepool oo tee .| Furniture dealer ... ots cd July Ss | dey 3 4

| Small, Thomas oe Se ...| 44 Buxton road, Steatford, Essex wwe we .| Mahogany & hardwood merchant July 9 |; Au. 12

Smith Jolin c eee ose ...| 84nd 108 We-t street, Gateshead. ... ens .| Undertaker and furniture b: oker July 10 Juy 2% .

Spink’ Adan i} ose ee ...| 18 Chapter street, Westminster, Middlesex ... aot a Bootmaker ... ie ve bois July 8 } Aug. 12

Stockae a James we ...| St. Crispin Works, Green lane, Walsall, Staffordshire ...| Boot and shoe manufacturers ... Juy 10 | Juy 2 ‘

Tremar Edwir nes tte al ...| Frogmore Wharf, Wandsworth, Surrey ese i ...| Barge builder se ol pat Juy 8 July 31

Thompson Jan eee one poe ...| Main st., Pembroke, & 2 Commercial row, Pembroke Dock; Auctioneer & commission agent July § July 2 :

Wallis, Charle "Wood co ove ...| Cow Close Farm, near Coxhoe, county of Durham .| Farmer and cattle dealer July 7 July $29 ;

Walsh, Francis de Se ward... ..| 3 New square, Lincoln’s Inn, Middlesex _... «si ...| Barrister-at-law, &c. July 10 Avg. 12 ;

Watkins, Hens eSerrant ... ...| 7 Hyde Park gate, South Kensington Gore, Middlesex ...) Gentleman ... die 908 July 10 Aug. 21 rea

Webster. deed = on 11 Edgar street, Worcester... oat oon ois ...| Bookseller, stationer, &c. July 8 Juiy 30 ”

Westmoreland ‘Chri as “ ...| 21 Saint James street, Leeds, Yorkshire ...| Shopkeeper... aS die July 7 July 15 nes,

Willey, Men? Christopher Ayscough| North Cotes, Lincolnshire Di cakes oc. ok er ieee on oh, CO: oe July 31 CAS Pe Ag oe y, Matthey

:

Williamson B tis a ee tae .:| Formerly Victoria rd., now 35 Frederick st., Fenton, Staffs. Formerly grocer, now assistant July 10 July 2 ee 4

Wills, John rothers ... ... _...| Oldfield, Keighley, Yorkshire ... ... se = «+s owe, Worsted spinners,&. ... —«.. July 1 | Aug. 1 ; %

Yea. Gomme. ...| Kirkbride, Cumberland .. 1. ave ai eee ..| Husbandman sie avi +s July 9 July 2 *

VCOTBS ue ose wee eee} AD Street, Halifax, Yorkshire... os vs ass es} Common brewer & beer retailer July 7 Aug. lf he

niertniennteiniainaen - co _ ————— - igs 3

HE N SE 7 5 PéR CENT DEBENTURES. sie ae

T uaRboee ee DOCKS AND To replace debettures which have fallen due. bE | C ORRE SPONDEN CE DESIRED .

rs repared ‘ ry . } < aes be : i

PERPETUAL ANNUITIES, having the ee THE AYLESBURY DAIRY a with an active Broker in each of the principal —

MONEY wt Stock, and also to receive LOANS OF COMPANY, LIMITED. cities in England and Scotland, who desires to sell 7" Ww

Periods ant cece ay! = rm Bonds, for various ongen ae _ —— to — ae j Stock in an American Land and Cattle Company.

m of the lenders, Fo i NS for the remaining NDS, Le . hier S

one . the Treasurer, Dock Oice, tamale for a period of 3 or 5 years, bearing interest at the References exchanged. None but thoroughly respon

of the Beard. rate of 5 per cent. per annum, payable half-yearly.— | sible parties need apply, as the company will be

~—__ EDWARD GITTINS, Secretary. By Order, H. WHELAN, Secretary. | managed on thestrictest business principles.— Address .

(jHILTAN GOVERNMENT FIVE = a. en | F.A-Raynolds, President Fremont County Bank, Cafion “3

P Rg | City, Colorado, U.S.A. ie

Notiog = GANT. LOaNs oF 1873 and S75. 3 eS | ,

imited) have . at the City Ban :

interac ienataeeees | BANK OF EGYPT.| ee q Plion of the drawin so aod mid

"i

Of the above Loana, enti, sinking Funds | Notice is hereby given that the TRANSFER | W. & J. MUTTER, Yearly appropriations payable on the lat September | BOOKS will be CLOSED from Monday, 2ist July, to | ‘i sient ni a

Tar comesseniat eee Friday, let August, both inclusive, provions to the nen ery, Islay.

() TY 0 peymert, on the 2nd August, of an interim dividen Counting House—41 Ann street (City), Glasgow. i.

ss F LONDON, BETWEEN | ® the rate of 5 per cent. per eon ae ee Agents—Messrs Twiss and Brownings, x ComiOmbard-street and Cornhiil.—The Worshipful | “Daim 8th June, 1684 — Be erect : Ss valanbie ye salters are PREPARED TO LET the | 2601 ee een, Hin Daly, 1006 ene ¥

1g No. 00 and Lomb seosronin, jane (adjoin- d Broad street, B.0., London, | London, E.0. E! Sdout 33 ft., and . » With a frontage

%

& lease jor af woo extreme depth of about 49 ft.,on ia

rut or 6) Sours, fom Wekssaas iestcker | FORD'S EUREKA SHIRTS.— | QILVERED | PLATE | GLASS ame Company’s £ury conditions, apply personally “The most perfect fitting made.”—Observer.— | for LOOKING GLASSES, with or without frames. s

t, 16 Finsbury Paveus or, Henry Dawson, Archi- | Gentlemen are solicited to inspect the improvements Silvered by new process with pure Silver, not liable . ee

; ment, B.C. made in the manufacture of “FORD'S EUREKA | to injury from damp, heat, or handling. Unequalled

AN IM ; SHIRTS,” six for 30s, 40s, 45s, sent carriage paid by | in brilliancy. Samples, tariffs, estimates on a

PORT ANT F ACT ! Farcels Post to your door. —— a

£10 AND U * sential tite anes eames eA E PATENT SILVERING COMPANY (Limited) , Fe ee een eae cigsallnsseiinncactrnanncintansteaiane :

AND UPWARDS CARE- | GHIRTS—THE NEW PATTERNS | HorisHED PLATE GLASS ES Options on Stocks and ot French printed Cambrie Shirtings, and the P 5 POR fie

F Ze Architects, Builders, and the Trade supplied with Pe Shares ofte Non-liabili a return handsome profits in a few days, | matted Oxfords fer making Ford’s improved Eureke best Book cone y ae Full details in euaner | Shirts, ready for taappatien, a come ree by post for | above at lowest current rates and of the quality. |:

00., Stock Brok @ Address, Evans | two stamps. Six for 27s, 338, 40s, including two collars | THE P ee ae ianmatee os $a — ers, Gresham House, E.C, to match.—R. FORD & OO., 41 Poultry. | Wand 18 = See he

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THE ECONOMIST. [July 19, 1884, inning EDL LC REN

THE NATIONAL BANK OF SCOTLAND, LIMITED.

Incorporated by Royal Charter and Act of Parliament, ESTABLISHED 1825.

HEAD OFFIC E—Eprvevreu.

Banks, Xe. a

[HE BANK OF AUSTRALASIA incorporated by Royal Charter, 1835), 4

needle oe London. Paid up capi 0,000,

antenten = reserve funds ......<++..+ £727,719.

Letters of credit and drafts issued on the branches

of the bank in the Australian Colonies and New

Zealand. Bills negotiated or sent for collection.

Telegraphic transfers made. Deposits received in

London at interest for fixed periods,on terms which be ascertained at the office.

~~ PRIDEAUX SELBY, Secretary.

KONG AND SHANGHAI HON G BANKING encase -

ital, $7,500,000. Reserve Fund, $4,063,261. ous an DIRECTORS = Hzap Orrics in Hone

ona, CoMMITTEE = pores.

A. H. Phill ., Cars n, Surrey. E. F. Se . (of Messrs T. A. Gibb and Co.). Albert Deacon, Esq. (of Messrs E. and A. Deacon).

ManaGER—David M :Lean. Bawxxrrs—London “ Comat Banking Company,

mited.

See eee eee eee nen eee eee eee eeere

BRANCHES AND AGENCIES. Am — ae Bom ns ingapore Calcutta ila Tientsin Foeehow New York Yloilo Hankow Saigon Yokohama Hiogo San Francisco The tion grant Drafts upon and n

or collect Bills at any of the Branches or Agencies; they also receive Deposits for fixed periods at rates varying with the period of deposit. The Corporation issue Letters of Credit ard Cir-

cular Notes, negotiable in the principal cities of Europe, Asia, and America, for the use of travellers. They Current Accounts for the convenience

of coustibesnie returning from China, Japan, and

They also undertake the Agency of constituents connected with the East, and receive for safe custody Indian and ether Government Securities, drawing Interest and Dividends on the same as they fall due.

Dividends on the Shares of the Corporation are le in London on receipt of the advice of meet-

Big in Hong Keng, held in February and August. sfer deeds, powers of attorney, and other

forms may be had at their Office on application. ice hours, 10 to 3—Saturdays 10 to 1.

81 Lombard street, London.

[HE COMMERCIAL BANK OF AUSTRALIA (Limited).

Established 1866. Subscribed Capital, £1,250,000 ; Paid-up, £500,000.

Reserve Fund, £110,000. LETTERS OF CREDIT and DRAFTS granted on

the Bank’s Branches and Agencies in the Australian Colonies. BILLS negotia and sent for collection. TELEGRAPHIC REMITTANCES made to the

Colonies. DEPOSITS received for fixed periods on terms

which may be ascertained on Be enon GEORGE NIVEN, Manager.

67 Cornhill, London, E.C.

|MPERIAL BANK OF CANADA. Heap Orrice—Toronto.

Branches in Ontario and Manitoba. tal Paid-up, $1,500,000. Reserve Fund, $650,000. ONEYS RECEIVED for Credit of the Head

Office and Branches in Ontario and Manitoba, and Letters of Advice thereof issued by he Agents of the Bank in London, England—Lloyd’s Birnett’s and Bosanauct’s Bank, Limited, 62 Lombard street, E.C. SPECIAL ATTENTION given to Canadian collec-

tions, forwarded either direet to the Head Office of the Bank in Toronto, or through its London Agents,

Wellington street, and Leader lane, Toronto. D. R. WILKIE, Cashier.

THE STANDARD BANK OF SOUTH AFRICA (Limited).

(Bankers to the Government of the Cape of Good ie

Heap Ovricr. a0 Clement lone, Lanhah qean, lentes, BS.

Subscribed Capital . 4,000,000 Paid-up Capital .. se Reserve Fund ..,............cesessessveeree 400,000

This Bank grants Drafts on the principal towns in the Cape Colony, Griqualand West (Diamond Fields), Natal, and Transvaal, and transacts every description of Banki Business connected with the South — Co — — —

nterest wed on deposits for one year and longer periods, at rates which may be ascertained = application. R. STEWART, Chief Manager.

UN ION BANK OF AUSTRALIA (Limited). Established 1837.

a .£1,500,000

Reserve liability of roprietors ~ apenas LETTERS of CREDIT and BILLS on DEMAND,

or at Thirty Days’ Sight, are granted on the Bank's Branches vont dere — the Colonies of Australia, New

REMITTANCES are made to

BILLS on the Colonies are negotiated and sent for

DEPOSITS are received for fixed on terms which may be ascertained on

RN, Manager. Ww. R. ,

1 Bank buildings, Lothbury, London, E.C.

_ the Colonies.

Capital, £5,000,000. Paid up, £1,000,000. Reserve Fund, £660,000,

LONDON OFFICE—37 Nicholas lane, Lombard street, E.C,

CURRENT ACCOUNTS are kept agreeably to usual custom, DEPOSITS at Interest are received. CIRCULAR NOTES ani LETTERS of CREDIT, available in all parts of the World, are issued free

of charge. INVESTMENTS and SALES of all descriptions of Securities effected. DIVIDENDS, ANNUITIE3

&c., received for customers, At the London Office of the Bank every description of Banking Business connected with Scotland ig

transacted. JAMES ROBERTSON, Manager in London,

THE (Limited), 6 Lothbury, E.C.

Subseribed Capital..............+0+ £2,250,000 Paid-up Capits)............s0.scesssere > 675,000 Reserve Fund......... 160,000

Brancugzs.—Victoria street, Westminster; Sidney place, Onslow square.

Aazuncizs,—Waltham Abbey, Ouesunt, and Waltham Cross,

TERMS OF BUSINESS. Current accounts opened in accordance with the

usual practice of Lon‘on banks. Money received on deposit in sums of £10 and upwards, subject to seven days’ notice of withdratral, upon which interest will be allowed at the current rate of the Cay. Deposits received for fixed periods, according to arrangements.

Investments and sales of all descriptions of British and Forvign Securities, &c., effected.

C:reular Notes and Letters uf Credit issued to all parts of the world, by agency of country and foreign banks under-

tiken, Every otter description of banking business trans- ted

. ALFRED BROWN, Manager. London, léth uly, 1884.

THE NATIONAL BANK OF AUSTRALASIA.

Incorporated by Acts of the Legislature of Victoria, South Australia, and Western Australia.

Capital, £1,000,000. Paid up, £800,000. Reserve Fund, £400,000,

LETTERS of CREDIT and DRAFTS granted on the Head Office at Melbourne and the following branches :—

In Vicrorta.— Bacchus Marsh, Bairnsdale, Ballaarat, Benalla, Blackwood, Boort, Bridgewater, Buninyong, Cashel (Dookie S.), Casterton, Clunes, Colac, Cole- raine, Collingwood, Elizabeth street (Melbourne), Emerald Hill, Euroa, Footscray (Wyndham), Geelong, Hamilton, Horsham, Kerang, Koroit, Kyneton, Lance- field, Learmouth, Macarthur, Maffra, Northcote, Penshurst, Prahran, Richmond, Romsey Sale, Sand- hurst, Sandridge, Scarsdale, She; nm, Smeaton, Stratford, Taradale, Trentham, Violet Town, Warr- nambool, Yarrawonga, Tungamah.

In Sovrnh Avstrrauia.— ADELAIDE, Aberdeen, Anzaston, Auburn, Balaklava, Border Town, Caltowie, Carriston, Clare, Crystal Brook, Edithburgh, Eudunda, Gawler, oe Town, Hamley Bridge, Hindmarsh, Jxmes Town, Kadina, Kapunda, Koolunga, Kooringa, Lavra Minlaton, Mintaro, Moonta, Mount Barker, Mount Gambier, Nairne, Narracoorte, North Adelaide, Nuriootpa, Orroroo, Penola, Petersburg, Port Adelaide, Port Augusta, Port Elliot,Port Pirie, Port Victoria, Port Wakefield, Quorn, Red Hill, Riverton, Saddleworth, Strathalbyn, Terowie, Trure, Victor Harbor, Wallaroe, bpm Wilmington, Yongala, Yorke Town.

In Western Australia.—Perth, Albany, Fremantle Geraldton.

ncies in New South Wales, New Zea- land, Queensland, and Tasmania. Approved Bills negotiated, or sent for Collection,

and all other Banking Business with the Australian Colonies transacted. W. W. OSWALD, Manager.

149 Leadenhall street, E.C.

BANK OF NEW SOUTH WALES. Established 1n 1817.

Letters of Credit and Bills on demand, or at thirty days’ sight, are ted upon the Head Office and Branches th the Australian and New Zea- land Colonies, Bills purchased or forwarded for collection. Telegraphic remittances made. DEPOSITS received for fixed periods, on terms

which may be known on application. DAVID GEORGE, Secretary.

CHARTERED BANK OF AUSTRALIA.

(Incorporated by Royal Charter.) Paid-up Capital, One Million Sterling.

Orricz—2 Old Broad street, E.C. Lotters ef Credit and Drafts issued on the Bank’s Branches and Agencies in Australia. Bills purchased or collected.

Telegraphic Remittances made. Deposits received for fixed periods on terms which be known on application. JOHN SUTH D, Seoretary.

LONDON

IMPERIAL BANK| THE

— TT

ST

BANK OF _ AFRICA (Limited).

Heap Orrice—25 Abe Hat Lombard street,

Office hours, 10 to 4. Saturdays, 10 to 1, Subscribed Capital, £1,000,000,

Paid-up, £500,000, ae ia

Port Elizabeth, ‘own, rley, Dur Pietermaritzburg, King William’s Town, Alleat North, Beaufort West, Bethlehem, Bethulie, Bloemfon- tein, Craddock, East London, Fauresmith, Graat Reinet, Graham's Town, Harrismith, Middelburg, meenstown, Rouxville, Somerset East, Tarkastad itenhage, Winburg.

GeneraL Manacsr — JAMES SIMPSON, Port Elizabeth.

Drafts issued, Bills negotiated and collected, and all other Banking Business transacted with the Colony.

Deposits received for one, two, or three years, at rates which may be ascertained on application.

R. G. DAVIS, Secretary.

FIFTY-SEVFNTH REPORT OF

[HE CITY BANK (LIMITED), LONDON,

At the ORDINARY GENERAL MEETING of the Shareh ldera, held at the Cannon street Hotel, Tuesday, July 15, 1884.

Dresctors,

JOSN JONES, Esq., Chairman. Henry John Atkinson, ; Andrew Lawrie, Esq,

Sir Willam Mc irthar, K.C.M.G., Ald., M.P,

William Macnaughtan,

Esa. emene Morgan Harvey,

3q. John Hend: rson, Esq. Esq. Henry Ho)mes, — Joaquin De Mancha, Esq. Samuel Joshua, Esq. James &. Vanner, Esq. Hzap Orrics (Uorner of Finch lane), Threadneedle

street. Alfred G Kennedy, Manager.

David G. H. Pollock, Assistant Manager. Brancuegs :—

Bond street Branch, 34, Uld Bond street—Edward G.

Mullins, Manager. Tottenham-court road. Branch, 159 and 160, Totten- ham-coart road—Frederick B. Kirby, Manager.

Ludgate hill Branch, 61 and 63, Ludgate hill—George W. Oakley, Manager,

Paddington Branch, 219 and 2231, Edgware road— Thomas Reed, Manazer. unest

Knightsbridge Branch, 7, Lowndes terrace—Ric 8. Fernings, Manager. bi r

Aldgate Branch, Aldgate Buildings (corner of Fen-

church s reet and Leauenhall street)—Alfrel

Jacques, Manager. im Holborn Branch 34, Holborn viaduct—William H. Nicholls, sonar. s

Old stree; Branch, Great Eastern street— William

H. Hillman, Manager. : Szcastany.—Asbley Fisher. ir

The‘ Register fShareholders” and “ Register © Transfers ’’ having been aah authentic sted,

Nowi ; g read, viz :— The Dit cee xe t to the Shareholders = annexed Balance-sheet and Prefit and Loss Acco =

for the half-year to 30th June, 1834, showing vos

after providing for interext on deposit easoes >

and for bad and donbiful debts, the oF iat with £7,039 lls 10d re from

account, amount to £94, a id, ‘ Provision being made for current ne of

rebate on bills discounted not dve, the li nog)

declare a dividend, tree of income tax, at the - ital £10 per cent. per annum on #1,000,''00, the ¢ ae paid up, and carry forward to the next acco £3,972 78. 41, ; tea

* The Directors retiring by rotation on this oce® sic Rn are:— ‘ Me Somuel Jeshoe Mr Joaquin De Manchs

r rew Lawrie ‘ion.

who, being eligible, offer themselves for room “ The Auditors, Mr. John. Carry and Mr ‘ces {0

so again tender their serv Seed Kast, als< ensu ear, ‘ The Ghalraae having declared the Dividend a jast, at and & e 30th are | fhe paid UP

on and after the

the Half-year encixg the rate of £10 per cent, per annu capital, freeof income. tax, payable 16th instant, i

It was resolved unanimously — That the Repert now read

“otha: r™ following Directors, retiring by rots

| Mir Samuel aoe. pe Joaquin De Mancha d

i tome nn and Mr Willian, Edmund Bas eet

he received and

SS

a

wane 8

July 19, 1884. | Nae ne ee eee nee crrareanEnEPS GARNIER werere-clected Auditorsof the Bank, with the usual! remuneration.

resolved unanimously :— oe peat thanks of the meeting be given to

the Chairman and Directors fcr their active and

zealous exertions during the past six months,

That the thanks of the Shareholders be given t> the Manager, Secretary, and Staff, for their efficient

Tbs the thanks of the meeting be given to the

Auditors for the able manner in which they have

discharged their duties, 3 (Signed) JOHN JONE?, Chairman,

Extracted from the Minutes. ASHLEY FISHER, Secretary.

THE CITY BANK (LIMITED), LONDON. Batancs-Suzet, 80rn Junz, 1884,

Dr. c To capital paid up, viz., £10 per share on 10,000 SHAS .............. 1

To reserve fUN.........ceseecsreereerees v0

To current and deposit accounts ... 4,387,

To acceptances against cash in hand, bankers’ bills, approved securitiee, ids; cance topunisllvactnge tantoouwieldbatarane 2,810,084 17

To liabilities on foreign bills NEOLIALET ........crceceseccserseesensoesee

To profit and loss account, viz. :— Undivided pees brought forward from last half-year £7,039 11 10

Bince added, after provision for bad anddoubtfuldebts 91976 19 3

coo &

99,016 11 1

28,812,413 7 0 Cr. £ sa

By Consols, New Two-and-Half per Cents., Exchequer Bills, East India Debentures, and Metro- politan Consclidated Stock.........

By Cash :— Wes Pte ic kicanies £202,804 15 5 At Bank of Eng-

ee 410,968 12 4 At. Call ....0-.sc0000 793,000 0 0

By bills discounted..£1,500,036 16 10 By loans, advances,

NOs ineoneccsisnenntoaie’ 2,421,198 13 9

553,747 9 6

1,403,773 7 9

——————_ 3, 921,285 9 7 By liabilities of customers for accep- tances per CONETA ........ sececseeeeee--e 2,810,084 17 4

By liabilities of customers for endorsementa on foreign bills negotiated per COMtTA.........00006--+ 15,443 12 7

By Current OXPeENSEB ........-cecsesseseee 36,685 1c 3 By bank premises, head office, and

RURAOINGR: daw <naxcanesshdtibabiincitaapeennnine 69,442 0 0

28,812,413 7 0 Prorit nD Loss Account vor tae Ha.r-Yuar

ENDING THES 30TH JUNE, 1884, Dr. 2esa4

To current expenses, including salaries, rent, stationery, directors’ remune- ration, proportion of building ex- penses, income tax, &C. ............ 0.0008

To amount carried to profit and loss new account, being rebate on bills discounted not yet due ...........000+0 4,357 13 6

To dividend account, for the payment of a dividend at the rate of 10 per cent. per annum on £1,€00,000, amount of paid-up cap’tal upon

35,688 10 3

100,000 ShAPES.......00..+..ss0csecersenserees 60,000 0 0 To undivided profit transferred to profit and loss new account ............ 8,972 7 4

c £99,016 11 1 B Rk £€esad y balance brought down, viz:—

ndivided profit brought forward from last hal’-year... £7,039 11 10

Since added, after pre- Vision for bad and doubtful debts ......... 91,976 19 3

99,016 11 1

£99,016 11 1 = the Shareholders of the City Bank (Limited):— ~~? to report that, in our opinion, the fore-

Song is a folland fair balance-sheet, properly drawn = = that it exhibits a true and correct view of Cor ©mpany’s affairs, as shown by the books of the mpany.

JOHN CURRY tes WILLTA 3 ween JOHN JONES, TAME. bast, j HENRY JOHN ATKINSON THOMAS MORGAN HARVEY, ALPRE th aD, GEORGE KENNEDY, Manager. nga St

CHARTERED MERCANTILE K = INDIA, te moa AND CHINA,

Hxan Orrice d ts cere, Ben mn Soe Beaman UiDthmnree Bombay,” Oaleutio, Ms Stra ETTLEMENTS Singapore, Penang, Malacca. me

: ; Cun woassens oo Batay: ia Sarat stsenn wait Hong Keng Shanghai.

Directors.

BRS. Th | London Joint Stock Bank.

Bills of it recelves money on deposit, buys and sells cular Notes, issues Letters of Credit and Cir-

transacts the usual and be eusiness connected with the East, on terms to

THE ECONOMIST.

THE IMPERIAL BANK (Limited), 6 Lothbury, E.C.

5 Raq Dente, ames Charles, ; . E. Rodocanach \

James Dickson, Esq. ae D. 8. Schilizzi, Esa. E. T. Doxat, Fsq. Baron eaian de Stern. ~ > pg Lusk, Bart., | James Stern, Esq.

«A John Warr >q. A. P. Petrocochino, Esq. ee

Gengeat ManaGar—Alfred Rrown. Soxicrrugs — Messrs Maples, Teesdale, and Co. beoxees—Messrs Hope, Dodson, and Newbury.

BALANCE-SHEET presented at the FORTY- FOURTH ORDINARY GENERAL MERBTING of the Shareholders, held at the Head Office of the Bauk. on Tuesday, July 15th, 1881; sir ANDREW sey Bart., M.P., in the Chair.

R. To capital issued, viz. :— £ sd

45,000 shares, £59 each, £15 per share paid ...... sahisihcinthinas eee 675,009 0 0

Amount due by the Bank, on cur- rent, deposit, and interest ac- GE Net citiiniciisbiniesceveueinstsntom 2,882,002 10 8

Acceptances ............ daveautatnenpaninie $10,453 1 1 PG COR vinden n-nminienseiccancine 150.000 0 0 Redemption of premises fund ...... 5,138 0 0 Balance from 3lst

Deoc., 1883......:0...000 £4,493 12 11 Balance of profit for half-year, after pro- viding for bad and doubtfal debts......... 53,692 3 3

£58,185 16 2 Less interest paid on

deposit and other ac- counts ..... bincibincdtien 10,535 11 0

ee 47,850 6 2

4,570,243 16 11 Cr.

By Government, India and Colonial £ sd Bonds, and Metropolitan Boa:d Of Works Btoek,. ..0...corccccescessceees 229.9°7 0 3

Bills discounted.....................00++ 823,305 3 1 Loans and other securities ......... 1,786,755 3 9 Acceptances as percontra,secured 810,453 1 1 Bank premises, furniture, and fix- DOI innnsteininile ichidnnnsanaiiescbassenasied 23,680 4 8

Cash in band, and at Bank of Engiand...301,113 4 1

Cash at call ............ 695,000 0 0 ———— 896,113 4 1

4,570,243 16 11 Prorit anp Loss Account.

Dr. To current expenses, including £

directors’ remuneration ........... 15, Payment of dividend at the rate of

7 per cent, per annum, for the ha!f-year ending 30th June, 1884 23623 0 0

Rebate on bills not due ..... ......... 3,261 17 2 Amount carried to profit and loss NOW ACCOUNE +........0.000 ys eieien tie 5,036 6 56

s a 677 17

47,650 5 2 £ s a

47,650 5 2 Cr.

By amount. brought down...............

47,650 5 2 We have compared the balances as set forth in

this balance-sheet with the books, and examined the securities representing the investments ol! the Bank, and find the same correct.

FREDERICK FEARON, » auditor GEORGE BROOM, j 1

It was moved by the Chairma”, seconded by E T. Doxat, E-q., and carried:—‘‘ That the Report and Balance-sheet now preseated to tre meeting be received ard adopted.”’

Extracted from the Minutes. ANDREW LUSK, Cheirman. CHARLES J. HEAD, Secretary.

No 6 Lothbury, E.C., July 15th, 1834.

TWENTY-SEVENTH REPORT or

THE ALLIANCE BANK, LIMITED. Capital, £2,000,°00. Paid-np Capital, £800,000.

Reserve Fund, £232,500. Diexcrors. :

Sir J. Whittaker Eilis, Bart., Ald., M.P., Chairman.

William D. Anderson, Esq. | Daniel Mackenzie, Esq. Hon. Wm. St. John F, | James McMaster, Esq.

Brodrick, M.P. Sam Mendel, Esq. William Dunn, Esq. Hough B. Muir, Esq. John Elin, Eeq.

MawaceEr—R. O. Yates. Assistant Manacsr—H. T. Horn.

Szcestrary—Thoe. J. Scott. Hap Orricz—Bartholomew lane, E.C. i

Kznsiveroy Brancu—88 and 90 High street, Ken- sington, W.

Mawacee—H. P. B. Smith. RxGant staezst Beancu—239 Regent street, W.

Mawacur—G. A. Redford. Campzn Town Baaycx—176 High street, Camden

Town, N.W. Manaczea—Atrthur S. Smythe.

At the Ordinary Half-yearly General Mesting the Shareho'ders, held at the Cannn street Hotel, ¢ ee the 18th July, 1884, SIR J. WHITTAKER ELLIS, Bart., M.P., in the Chair, the following

was presented : Directors haye to “report that the net profits

of the Bank for the past half-year, after making de- ductions for interest on deposit accounts, current expenses (including subscripticn to Life losurance Fund), bad and donbtfal debts, and rebate on bills not yet due, amount to £29,386 103 1d, which, added to £5,447 198 9d, the balance brought forward from the previous half-year,makes @ total of £34,834 9s 10d now to be disposed of. Out of this sum it is recommended that £28,000 be

of on

\t —————————————————————————————————

895

appropriat d to the payment ofa dividend, at the rateof 7 per cent. per snnam, tree of income-tax ; that £200 be written off in of Furniture Account; and that the remainder, £6,634 93 10d, be carried forward to the credit of the next acc mnt.

The Directors have the pleasure of announcing that the Regent street Branch of the Bank was opened for business on the 3rd March last, and that anotber Branch was opened on the lst inst. at 178 High street, Camden Town.

‘the Directors regr: t to report that, in consequence of the new arrangements in the other Bank with which Mr Samp:-on 8S. L'oyd has been so long con- nected, be has fourd it necessary to resign his seat at this Board.

Since the last Mesting the Hon. W. St. John F. Brodrick, M.P., has been elected a Director; and this election the Shareholders are now asked to confirm. The Directors whoretire by rotation in accordance

with the provisions of the Articles of Association are Sir John Whittaker Eliis, Bart., M.P., and Sam Mende!, Esq., both of whom being eligible offer themselves for re-election.

The Auditors, William Quilter, B.q., and John Young, Esq.,also retire at this meeting, and offer themselves jor re-election.

By crier of the Board THOS. J. SCOTT, Secretary.

Bartholomew lane, E.C., 14th July, 1884 N.B.—The Dividend will be payavile on and after the

lst August.

The amount due on current and deposit account», » is shown by the Balance Steet to be

£4,703,203 1s 6d, and the amount under acceptance £532,521 8s 6d.

The Secreta’y read the advertisement convening the Meetinw. The Chairman authenticated the “ Register of

Transfers” by impressing thereon the Common Feal of the Company. = Report and Accounts having been teken as

read, It was proposed by the Chairman, seconded by

Mr Anderson, and resolved unanimously : “That the Report and Accounts as presented be

received and adopted.’ The Chairman then declared a dividend for the

half-year ended 30th June, 1884, at the rate of 7 per cent per annum, free of income tax, payableon and after ist August.

It was proposed ty the Chairman, seconded by Mr Dunn, and rerolved unarimously :

**That the election of the Hon. W. St. John F. Brodrick, M.P., as a Director of the Company be and it is hereby confirmed.”’

It was propose! by Mr Mackenzie, seconded by Mr McMaster, and reso ved unanimously :

** That Sir John Whittaker Ellie, Bart, M.P., and Sam Mendel, Esq, be and they are hereby re- elected Directors of the Cempany.”’

It was proposed by the Chairman, seconded by Mr S'obart, and resolved unanimously : “That William Quilter, Esq.,and John Young,

Esq., be, and they are hereby r: - lected auditors of the Company.”

It was proposed by the Chairmw, seconded by Mr A. Isaacs, and resolved unanimously :

** Phat the thanks of the Meeting be given to the Managers, the Eecretary and tLe staff of the Bank for the care an i diligence with which they ha’ per- furmed their duties during the past half-vear.”’

It was proposed by Mr Fiux, seconded by Mr Phelps, and resolved ur animo :

** That the thank: of this meeting be given to the Chairman and the Direc‘ors for their careful atten- tion to the business of the Bark during the past hal’-vear.”’

(Signed) J. WHITTAKER ELLIS, Chairman. Extracted from the Minutes,

1HOS. J, SCOTT, Secretary.

THE AGRA BANK (LIMITED). ESTABLISHED IN 1833.

Carrrat, £1,000,000, Reserve Funp, £210,000. Heap Orrice—Nicholas lane, Lombard street, London. Braxcuss in Edinburgh, Calcutta, Bombay, Madras,

Kurrachee, Agra, Lahore, Shanghai. Current ACCOUNTS are =e at the Head Office on

the terms customary with London Bankers, and in- terest allowed when the credit balance does not fall below £100.

Deposrrs received for fixed periods on terms to be ascertained on application.

Brits issued at the current exchange of the day on any of the Branches of the Bank free of extra charge, and approved bills purchased or sent for collection.

SaLes AND Purcuases effected in British and Foreign securities, in East India stock and loans, and the safe custody of the same undertaken.

Interest drawn, and Army, Navy, and Civil pay and pensions realised. .

Every other description of Banking Business and money agency, British and Indian, transacted.

J. THOMSON, Chairman.

LONDON, PARIS, & AMERICAN BANK, LIMITED.

Caprrat, £1,000,000 Susscrrsep, £500,000. Patw-vp, £300,000.

Heap Orrice—9 and 10 Tokenhouse yard, Lothbury, London, E.C.

Braxcu—San Francisco, California. Acs scies—Paris and New York.

BANKING BUSINESS in all its bramches under- taken throughout California and the Pacific Coast. The Bank transacts business with the Eastern States of America and the Continent of Europe

h Messrs Lazard Fréres, of New York, Messrs Fréres et Cie., of Paris, and its other ;

spondents. Advances made and Credits issued im of shipments of merchandise to the United

from Europe, India, China, gegen, Australia

and elsewhere. JAS, W. MOSCROP, Secretary.

ze

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a

896 THE ECONOMIST. [July 19, 1884

BA NK OF BENGAL. [PUNDEE POLICE DEBENTURE WELLINGTON GAS COMPANY Heap Orrics—Calcutta.

; BrancHeEs :— Agra, Akyab, Allahabad, Benares, Cawnpore, Dacca,

Delhi, Hyderabad, Lahore, Lucknow, oulmeia, Nagpore, Pa'ra, Rangoon.

CURRENT and Deposit Accounts opened.

Government and other securities received for safe

custody, purchases and sales effected, and interest

ard dividends collected and credited to account, or

remitted according to instructions.

Copies of Rules, Powers of Attorney, etc., may be had on application at the head office and at any of the branches. tonden Correspondents—Messrs COUTTS & CO,

BAN K OF SOUTH AUSTRALIA, Incorporated by Royal Charter 1847. Capital ......r0.cerssr0e oes 200d 900,000 Reserve Fund ...........+.+- £250,000

Heap Orrice—54 Old Broad street, E.C. Drarrs AND Letrers oF CreviT IssuxD. Bits Boveut AND COLLECTED. DEPOSITS RECEIVED for fixed periods at rates which

may be ascertained on application. WM. G. CUTHBERTSON, Genernl Manager,

THE QUEENSLAND NATION BANK, LIMITED.

(Incorporated under the Companies Act of 1863, of the Legislature of Queensland. )

BANKERS TO THE QUEENSLAND GOVERNMENT. Subscribed Capital, £1,000,000; Paid-up Capital,

£500,000 ; Reserve Fund, £185,000, Heap Orrice—BRISBANE.

This Bank grants Drafts on all its Branches and Agencies, and transacts every description of Banking Business in connection with Queensland and other Australian Colonies on the most favourable terms. The Lendon Office receives Deposits for fixed

periods, at rates which may be ascertained on application.

R. D. BUCHANAN, Manager. No. 29 Lombard street, E.C.

MERCAN TILE BANK OF SYDNEY. Established 1369.

Incorporated by Act of Parliament. Loxpon Brancii—158 LEADENHALL sTREET, E.C.

AND DUNDEE WATER DEBENTURE STOOK.

Authorized by Act of Parliament, and Secured by Rates and Assesements.

ISSUE OF £500,000 DEBENTURE STOCK, bearing Intercat at £3 108 per Centum per Annum, Payable Haif-yearly.

The Tundee Police Commissioners and the Dundee Water Commissioners are prepared to receive Ap- plications for the above Stock, which will form, as they believe, one of the best investments that could possibly be selected. The Stock wi'l be issued in sums of £20 and up-

wards ; and Stock Certificates will be granted free of Stamp Daty and other charges. They may, at the option of the investors, ba to bearer transferable by delivery, with conpons entitling the bearer to the dividends, or to the inveators by name, with interest warrants attached or sent through the post haif- yearly on the 15th May and 11th November, when the Dividends, whether contained in Coupons or Warrants, will be paid by the Bankers of the Com- missioners free of charge. The minimum price of issue will be par, and the

Commissioners will exercise their discretion in the apportionment of the Stock applied for. : The Security applicable to the Police Stock will

include not only a Lien on the Assessments author- ised to be levied by the Commissioners, but also a Lien upon all their other Rents, Rates, and Duties. The ordinary assessing power of the Commissioners, irrespective of their other Rates and Revenues, amounts to 3: 3d a £ on the rateable valuation of the Burgh, which at present exceeds €600,000; on the ot'e@ hand, the existing Debt of the Commissioners (inciuding an Improvement Debt of about £390,900, against which large and valuable Properties an Feu-Duties are held) is only about £680,000. It may, therefore, be seen that this Security is un- doubted. The Security applicab'e tothe Water Stock is

equally good, It ineludes a domestic rate of un- limited amount over the compulsory area of supply, the present rateable valuation of which exceeds £290,000, besides a small public rate over all descrip- tions of property witnin that area. On the other hand, the present debtof the Commissioners is erly about £433,000, and they hold large and valu- able works and other property. The proposed

register at this dato.

pany (Limited),

18th July, 1984.

fcr a limited amount of New 44

hall street. By Order

Dock House, 109 Leadenhall 15th May, 1884,

STATE LOAN

STOCK r (LIMITED), City of Wollington, New Zealand,

The New Zealand Loan and Mercantile A Company (Limited), as agents for the Company, hereby give notice that on and ait 3ist instant they will PAY an ad interim DIVIDEND On the paid-up capital of the Company at the ra‘e of six per cent for the six months ended last, to the proprietors of shares

gency above ‘r the

30th Jane on the London

HENRY M. PAUL, M New Zealard Loan and Mercantile Lomey Con.

1 Queen Victoria street, Mansion House, E,(.

—————

I ONDON AND ST. KATHARINE 4 DOOKS COMPANY, The Directors are prepared to receive application

per Cent. Preference

al.

» 1870, For £1,03 4,700,

Notice is hereby given that the undermentioned BONDS have this day been DRAWN for redemption

Stock, to be issued under the authority of the Lendon aud St. Katharine Docks Act, 1832.

Particulars may be obtained on application to the London and St. Katharine Docks House, 109 Leaden.

H. J. MORGAN, Secretary.

ISSUE OF FIVE PER CENT. DEBENTURES.

THE NEW ZEALAND SHIPPING COMPANY, LIMITED.—(&stablished 1873,)~—

Authorised capita), £1,000,000; subscribed, £500,000 ; paid-up, £260,000.—This Company is now issuing debentures for terms of years bearing interest at the rate of 5 per cent., payable in London half-yearly. Forms supplied on application to

O. R. STRICKLAND, Manager, Offices,—138 Leadenhall stree, E.C.

BUENOS AYRES SIX PER CENT,

Paid-up Capital.................. £300,000 present issue of Stock wi'l be £260,000 for the | ®t the Counting-house of the undersigned, in the Reserve Fund..............0.0000 £132,500 Police and £250,000 for the Water. Both are to be | Presence of Francis William Mills, E-q., Chancelier Number of Shareholders............ 473 applied in payment of existing debt. of the Consulate of the Argentine Republic, in the

DRAFTS issued on Sydney, and Bills negotiated and collected. DEPOSITS received for fixed periods on terms

which may be ascertained on application. GEO. H. ALEXANDER, Manager.

[HE COLONIAL BANK OF NEW ZEALAND.

Incorporated by Act of the General Assembly, 1874. Capital, £2,000,000;- Subscribed Capital, £1,000,000;

Paid-up, £400,000; Reserve Fund, £41,000. Heap Orrick—Dunedin.

Loxpon DrReEcrors. A. G. Anderson, Esq. ; L. H. Courtney, Esq., M.P. DRAFTS issued and Demand Remittances cabled.

Bills negotiated and collected. DEPOSITS received for fixed periods at liberal rates

of interest, which may be learned on application, 13 Moorgate street, E.C.

DAVID MACKIE, Manager.

Forms of applicaticn and further information may be obtained from William Hay,Town Clerk, Dundee ; cr Thomas Thornton, Clerk of the Dundes Police Commissioners, Dundes; or at the office of the Treasurer of both Commissions, 8 Meadowside, Dundee. Dundee, lat July, 1884.

will cease,

Nos. 6

Nos. 285 313 321 253 563 699 684 706

‘ ws 44 THE CHICAGO, MILWAUKEE

AND 8T. PAUL RAILWAY COMPANY’S FIVE PER CENT GOLD BONDS, repayable let

January, 1921. Firet mortgage on its Chicago -and Pacific,

Western Division. Interest payable in New York in United States gold coin, first day of January an July, but coupons can be sold or collected through any bankers in London.

Mesers BLAKE BROTHERS AND CO, offer for subscription $300,000 of the above bonds at 96 per cent., (4s per dollar!or £192 per bond of $1,000, payable ae follows :—

6 per cent. or £12 per bond on application. 90 per cent, or £180 per bond o.1 $list July, 1884,

about which time the bonds will be ready for delivery, bearing interest from the Ist July, 1884 The bonds are of $1,000 each, to bearer, but may

be converted into i d bonds at the office of the company in New York. The above bonds form part of the present author-

ised issue of $18,540,000. of which $17,740,000 have already been placed. The bonds of this division are officially quoted, and currently dealt in, on the Stock Exchanges of New York, London, and Frankfort-on- the-Maine. Application to be made on the annexed form. In default of payment of the balance due on 3lst

July, 1834, the amount paid on application will be subject to forfeiture. The subscription list will be closed on 22nd July.

Nos. 769 788 807 918 1128 1135 1149 1164 1218 1390 }308 1324 1430 1434 1647 1693 1921 2098 2152 2268 2380 2446 2466 2437

2805 2827 2850 2861 — 7 vr Tv

THE COMMERCIAL BANKING COMPANY OF SYDNRY.

Established 1834. Ivcorporated 1948. Paid-up Capital £600,000. Reserve Fund £650,000, Tae London Board of Directors grant LETTERS

OF CREDIT and BILLS OF EXCHANGE on the Head Office of the Bank in Sydney, and on the Branches in New South Wales and Queensland, Bills purchased or forwarded for collection. De-

its received for fixed p‘ riods on terms which may ascertained on application.

London Office, 39 Lombard street. NATHANIEL CORK, Manager.

THURBERS, GATES, & (OO, 9 & 11 Fenchurch avenue, Lendon, E.C.

H. K. & F. B. THURBER & CO.,

New York.

Banners—THE BANK OF ENGLAND.

Counte’

According to the official report, dated March bth, DRAFTS Issued and Bills Negotiated and Collected | 1834, of the Chicago, Milwaukee and St. Paul Rail-| the Law of Liquidation of 17th July, 1880, the follow. DEPOSITS received from Merchants of India way for the fiscal year ending 3lst December, 1893, | ing Numbers of Bonds were drawn at Cairo, on the

China, S.uth Africa, Australia, New Zealand, and @ gross earnings were... .., ... $23,659,823°48 oth July, 1884, ie upon which Interest will be allowed ——s leaerence) cages 13,778,087°95 - eee tee, at Hal t. bel ces ans “ene » 4 78,037° n 2 an per Cen iow the Bank of England rate. ae For the Half-year ending 15th October, 1834.

A. P. TURN Income frou other soursee . . "tek tote —— ee ER & ©O., Mgt | eae Bonds Bonds Pa ALNUT PLACE, PHILADELPHIA, Total nett income ... ... ... $10,046,492-33 of oO £1,000.

60 THREADNEEDLE STREET, Loxpox, E.C. “a Sor indent, OF 1 — ae 1ssvE , : funded debt... ... ... .. ... _5,978,925°60 FIRST 152/397,012 American Railway Investment Securities. esomicaasin 33,651to 33,700|350,26 1t0350,270 $93,151t03 03 to o97 987 Co: d lici Leaving over and aboveall interest 45,201 ,, 45,250}352,351 ,, 352,360) 393,495 , 395,49) <0 a9 rrespondence solicited. on bonds : 659'301. 50 21 \394,241 ,, 394,242 398,

Bankers : Bank of England. wm sete oto I | seen ee » $57,040}504 251 » tS inti oeiahienes thleet the Out of which were paid dividends of 85,001 364,141 ,, 364,150)304,851 » oo rag Members { New Yore aaron 7 per cent. on both preferred and 118,901 ” 1189 ”” 868,630 395,525 1» 395,526

| ee an iy IRAUTS| Hee en riving a surplus for the year 18983 over i 281 5, 944, [HE LONG ISLAND RAILROAD | dividends of $1,459,672-25. interest and | 913 351 »,218,400$84,801 ,, 884,900 DENGOMPANY has declared the Quarter:y DIVI- ay, Aleumndar Mitchell, President of the Road, Sie «eee

D on its ordinary share capital at the rate of | “"2° ee eee ECO 4 per cent. per anniam, which will be PAUD to | op 20 Seneral condition of the property of the eae se it0496, 472 Buropean holders, at a fixed exchange of $4 85c. per | Tha’ roal-bed, track end fothne eet —— Heo e427 367 » 427

ster Anant ett ns andar O© © | callout condition, and he suugmont ofthe rod is oan ESOOUFINDE FE. ° country.” ED ROBERT BENSON & 00. 62 Gresham House, London, E.0. loth daly, 1884, — : 02 heeadaselie street, London, B.C-

105 BONDS of £100

141

425 743

991 1176 1361 1825 2333 2516 2718 2886 3319 3679 4087 4342 4655 5109

eacn. 1

153 11 BONDS of £600 each.

538

(6) 1199 1374 1858 2355 2554 2789 2935 3337 3362 4119 4433 786

5179 54hl 6735

absence of the Consul General; of Cristobal de Murrieta, Esq., representing our Firm; and Mr. William Grain, of No. 50 Gresham house, Old Broad street, in this city, No‘ary Public.

In conformity with the tevor of the said Bonds, the numbers so drawn are redeemable at par on the firat day of October next, when the interest thereon

6 BONDS of £1,°00 each 10 90 £6,000

£5,500

£22,000 C. DE MURRIETA and CO.

7 Adams court, Old Broad street, London, F.C. 18th July, 1834,

"we , WILLIAM GRAIN, Notary Public, 50 Gresham house, Old Broad ssreet, London, E.0.

EGYPTIAN GOVERNMENT. COMMISSION OF THE PU

Notice is Hereby Given tbat, in con BLIC DEBT. |

formity with

—